In keeping with the inventory supply challenges, rising interest rates and other headwinds facing the housing industry, another new report out shows that real estate home showings are also down compared to last year at this time.
May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, according to the latest ShowingTime Showing Index®, released Thursday. The data also shows “a sea change” in which markets are most popular, according to the report.
Here’s a look at the key findings from ShowingTime’s report:
- The region which experienced the smallest drop was in the Northeast U.S., with a relatively modest decline of 13.3%.
- The Midwest was down 15.1% year over year, the South 22.2%, and the West 45.3%.
- Denver and Seattle both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021.
- Burlington, Vermont, the number-one-ranked metro area in traffic, showed 15.80 showings per listing in May, 2022. This is a 14% change year over year but a -22% change month over month.
- Trailing behind Burlington for the rest of the top five were:
- Bloomington-Normal, Illinois: 12.39 showings per listing, 11% change year over year, -25% change month over month.
- Bridgeport, Connecticut: 12.03 showings per listing, -3% change year over year, -17% change month over month.
- Cleveland, Ohio: 12.01 showings per listing, -18% change year over year, -17% change month over month.
- Richmond, Virginia: 11.78 showings per listing, -10% change year over year, -25% change month over month.
- Overall, the U.S. recorded an 18.2% downturn in activity in May.
- In the US as a whole, there was an average of seven showings per listing in May 2022. This represented a -13% change year over year and a -16% change month over month.
“Showing activity continues to be at levels lower than we’re used to seeing at this time of year, pointing to a market in transition,” said ShowingTime Vice President and General Manager Michael Lane. “Following the surge in mortgage rates, it’s reasonable to expect that showing activity will continue to ease, especially when compared to last year’s historic numbers.”
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month.