The fact that homebuyer demand decreased slightly in May, despite there being more homes to buy could be explained by one or more of the following factors:

-- The slight uptick in mortgage rates, especially in the last week of the
month,
-- Rising home prices,
-- Buyer fatigue in a seller's market, or
-- The start of summer vacation, which causes many homebuyers to focus
their attention elsewhere.

In any case, this decline in activity points toward a slight softening of sales volumes in June and July.
The Redfin Real-Time Demand Pulse is a monthly analysis of thousands of customers touring homes and signing offers in twenty markets across the United States. Redfin is the only major real estate broker storing data in one location about its agent tours and offers, enabling the company to project sales volume for the U.S. without waiting 30 - 45 days for sales to close, or an additional 15 - 30 days for them to be recorded as public record.
Redfin (www.redfin.com) is a technology-powered real estate broker that represents people buying and selling homes. Founded and run by technologists, Redfin has a team of experienced, full-service real estate agents who are advocates, not sales-people, earning customer-satisfaction bonuses, not commissions. Redfin's online tools feature all the broker-listed homes for sale, as well as for-sale-by-owner properties that don't pay brokers a commission.