June marked a monthly slowdown period for showings, according to the latest data from ShowingTime, a showing service recently acquired by Zillow. However, in the first few days a listing was put on the market, the service experienced a flurry of activity.
According to the ShowingTime Showing Index®, 64 markets still averaged double-digit showings per listing during June, led by Seattle and Denver. This is down almost half from May, when 113 markets averaged double-digit showings per listing, and down from April when 146 markets were in double digits.
Showing activity regional breakdown:
– South: +20.5% YoY
– West: +14.4% YoY
– Midwest: +14.1% YoY
– Northeast: -3.2% YoY
The takeaway:
In the coming months, the industry can expect the slowdown to continue as the economy balances out, with pressure coming off buyers as more sellers enter the market.
“Buyer demand remains healthy,” said ShowingTime President Michael Lane. “Showing traffic is still above last year’s levels—other than in the Northeast, where it is down 3% from last year—though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months.”
