August 31, 2022 | Archive

July buyer demand for housing continues to rebalance

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Tracey Velt is the Senior Director of Data & Content. She is the host of the popular RealTrending podcast, manages content for the real estate team and The Gathering and leads editorial and sponsored research across the HW Media brands. Tracey has more than 25 years of experience writing and editing for the real estate industry and is the former editor in chief of Florida Realtor magazine.see full bio

While the Burlington, Vermont market continues to see double-digit showings per listing in July, home showing traffic softened throughout the U.S. The real estate market continues to normalize after last year’s record surge, according to the latest data from the ShowingTime Showing Index®.

The year-over-year dip in buyer activity follows a general market rebalancing that’s taking place across the country as available inventory increases while fewer buyers actively shop for homes. Both factors have eased competition compared to last summer’s multiple-offer environment.

“The slowdown in showings tracks with the overall market rebalancing that’s taking place across the country,” said ShowingTime Vice President and General Manager Michael Lane. “Conditions for buyers are less competitive than they were last year at this time, while a general increase in available inventory in most markets has not only given buyers more options to consider, but more time to consider them.” 

The Northeast again saw the smallest dip in buyer demand in July, recording a 9.9% drop, followed by the Midwest’s 13.5% decrease. The South’s 24.2% drop came next, with the West again claiming the largest year-over-year decline at 44%. The U.S. overall saw a 16.8% dip in showing traffic in July.

Burlington, Vt. again led all markets in showings per listing with an average of 12.1, marking the third consecutive month it claimed the top spot. Burlington was one of only four markets in the top 25 to see a year-over-year increase in the number of showings per listing, with Hartford, Conn., Appleton, Wis., and Syracuse, N.Y., also seeing modest increases.

Trenton, N.J., recorded an unusual month-over-month increase of 4%, the only market in the top 25 with a gain in traffic compared to June. Among the top 50 busiest markets, just two other cities, El Paso, Texas, and Bremerton, Wash., recorded month-over-month gains, 2% and 4%, respectively.

3d rendering of a row of luxury townhouses along a street

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