Despite the fact that inventory improved in April, and will have improved again in May, Redfin anticipates a lull in sales this summer. Months of bidding wars and record-low inventory earlier this year has finally taken a toll on some buyers. Rising interest rates are likely discouraging some buyers as well, writes Redfin.
Month over month, the number of customers taking tours fell 3.0% from April, compared to a 2.2% loss between April and May in 2012. Meanwhile, the number of customers making offers dropped 2.1% from April to May, also slightly more than last year’s 1.1% decline.