Home showing activity slows as fewer buyers compete for listings
By: AZ Big Media
May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, and the latest data shows a sea change in which markets are the most popular. That’s according to ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market statistics.
The smallest drop was in the Northeast, according to the ShowingTime Showing Index®, where its 13.3% decline was relatively modest compared to the other regions: the Midwest was down 15.1% year over year, the South was off 22.2% while the West’s 45.3% decline in buyer activity was the most significant. Overall, the U.S. recorded an 18.2% downturn in activity in May.
Notably, the perennial leaders in buyer activity over most of the past year – 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. The slowdown continued a trend that began this spring, ending what had been a months-long streak of year-over-year growth in buyer activity across the U.S.