A new report from ShowingTime reveals a continued drop in home showings nationwide: During May, buyer traffic decreased 18.2% year over year. Just 35 markets recorded a double-digit number of showings per listing, compared to 104 in May 2021. The national average ratio now sits at seven.
According to the ShowingTime Showing Index®, which compiles data from more than six million properties, the largest decline occurred in the West. There, showings were down 45.3%. Even Denver and Seattle, which are typically busy, broke their hot showings streak. Averaging just about 10 showings per listing, both cities fell out of the top 25 markets.
The Northeast region, meanwhile, saw the smallest drop, 13.3%, with Burlington, Vt. Leading the country with 15.80 showings per listing.
“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,” ShowingTime Vice President and General Manager Michael Lane said in a press release. “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.”
via ShowingTime