The Redfin Housing Demand Index, which is based on the number of home tour requests and written offers from Redfin customers across 15 major metros, dropped 13.9 percent to a seasonally adjusted level of 108 in March from the previous month.
While demand is down from the all-time high of 132 in January, the market still experienced the strongest March since 2013.
In March, requested home tours was down 5.5 percent, and buyers writing offers was down 22.8 percent. The amount of available homes dropped 12.5 percent from the previous year.
A Demand Index level of 100 is the historical average for the previous three-year period. Going by metro, Oakland, Phoenix, Portland, and San Francisco all were well under 100 in March. Chicago (109) and Los Angeles (113) were the only metros that had an uptick in their Index score.