Strong buyer demand for homes continued to outpace supply in April. The Buyer Traffic Index hit a high of 72, signifying increasing demand. However, the Seller Traffic Index, an indicator of supply conditions, was unchanged at 41. Source: April REALTORS® Confidence Index (RCI) Survey (http://www.realtor.org/reports/realtors-confidence-index).
In many areas of the country, REALTORS® reported low inventory levels of homes for sale. Tight inventory conditions have been cited as leading to higher prices and reduced time on market.