Nationwide Growth for the First Time in More Than a Year
Midwest, Northeast, South and West Regions all Experience Year-Over-Year Increases, Which Could Mean More Buyer Competition is Likely This Fall.
- U.S. showing traffic saw its first year-over-year increase in more than a year with a 3.5 percent boost in activity.
- All four regions saw positive buyer interest in August compared to the same time last year, the first time all regions have reported increases in traffic since January 2018
- The Northeast Region recorded its most significant year-over-year increase since March 2018
More prospective homebuyers across the country came out in August compared to the same time last year as the U.S. showing traffic grew for the first time in 13 months, according to the latest ShowingTime Showing Index report.
All four regions tracked by the Showing Index saw an uptick in buyer activity, contributing to the first nationwide year-over-year increase since July 2018. For the fourth consecutive month, the Northeast Region saw its largest year-over-year increase at 5.9 percent, the biggest jump recorded in the region since March 2018. The South also saw more showing traffic, with a 2.7 percent increase in activity compared to 2018. The West Region came in with a 2.2 percent increase, its first year-over-year gain since January 2018. The Midwest recorded a more modest increase
of 1.3 percent.
“The trend we saw in year-over-year buyer traffic in previous months continued across the U.S.,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “For all four regions, there were more showings per listing this year compared to last year, making it the most competitive August in the last five years. If this trend continues, we are likely to see even more buyer competition this fall.”
The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, providing a benchmark to track buyer demand. ShowingTime facilitates more than four million showings each month.
Released monthly, the Showing Index tracks the average number of appointments received on active listings during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.
To view the full report, visit http://www.showingtime.com/showingtime-showing-index.