In a sea of negative housing news, here’s something positive. The sharp decline in home showing traffic is starting to level off as buyers get back into that market after a pause.
Home showing traffic is still declining but at much lower levels, with the market’s rebalancing from the record-breaking highs brought on by the pandemic, according to the latest data from the ShowingTime Showing Index.
Obstacles to affordability have meant less competition and more homes for sale, giving home shoppers more time and options.
The West and Northeast regions experienced slight pickups in showing activity with the first month-over-month increases since January and April, respectively. The South and Midwest regions each saw small monthly decreases in August.
A majority of listings averaged between four and nine showings. Burlington, Vermont, again led all markets in showings per listing with an average of 12.2 and was the only market to crack double digits. More than 70 markets analyzed saw year-over-year increases in the ratio of showings per listing, compared to only four markets in July.
“The more moderate pace at which home showings are slowing down and the increase in markets that saw more showings per listing this month are signs that the market may be starting to find a new balance,” said Mike Lane, vice president of sales and industry for ShowingTime+. “Buyers will continue to see less competition for homes and have more time to tour homes they like and consider their options.”
|Metropolitan Area||Ratio of Showings to Listings||Year-Over-Year Change||Month-Over-Month Change|
|Kansas City, MO/KS||8.09||-13%||-6%|
|Las Vegas, NV||2.98||-36%||-2%|
|Los Angeles, CA||4.40||-33%||3%|
|Miami–Fort Lauderdale, FL||7.77||-32%||-1%|
|Minneapolis–St. Paul, MN||6.75||-14%||-2%|
|St. Louis, MO||7.64||1%||-1%|
|San Francisco, CA||3.28||-27%||12%|
|Virginia Beach, VA||8.06||-15%||-7%|