Showing Traffic Declines for the First Time in 12 Months in the South
West Region declines year-over-year for ninth month in a row; Midwest, Northeast also record consecutive-month decreases.
The South Region recorded a 3.8 percent year-over-year decline in showing activity in October, its first decline in 12 months, while the U.S. declined 5.0 percent, the third consecutive month showing traffic decreased vs. 2017
Rising interest rates—which reached a seven-year high, according to data from the Federal Home Loan Mortgage Corporation (Freddie Mac)—likely impacted showing activity
ShowingTime combines showing data with findings from its MarketStats division to provide a set of benchmarks that track demand for active listings throughout the country
Showing activity in the South Region declined for the first time in 12 months when compared to 2017, the West Region recorded its second consecutive month of year-over-year double-digit declines and activity throughout the rest of the U.S. declined for the third month in a row from 2017’s record numbers, according to the ShowingTime Showing Index®.
The South Region reported a 3.8 percent decline in October 2018 compared to the same time last year, while the U.S. Index decreased 5.0 percent year over year from 2017. October showing activity decreased in the Northeast (-3.0) for the fifth straight month compared to 2017, while the Midwest (-6.5 percent) recorded its third straight month of year-over-year declines.
The West Region Index recorded a second consecutive double-digit decline, with showing activity off 14.4 percent compared to the same time last year. It was the ninth consecutive month the region has exhibited year-over-year declines.
Rising mortgage rates, which reached a seven-year high according to data from the Federal Home Loan Mortgage Corporation (Freddie Mac), likely contributed to fewer buyers going on showings. The National Association of Home Builders’ affordability index reported a 10-year low, another contributing factor.
“This is a continuation of the trend we’ve been seeing for the U.S. since spring,” ShowingTime Chief Analytics Officer Daniil Cherkasskiy said. “Despite a relatively healthy economy, all regions of the country reported slower buyer traffic when compared to 2017’s record numbers. We’ll be closely tracking showing activity in January and February as an indicator of buyer demand for 2019.”
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, which facilitate more than 4 million showings each month.
Released on or around the 20th each month, the Showing Index tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.
ShowingTime is the leading showing management and market stats technology provider to the residential real estate industry, with more than 1.2 million active listings subscribed to its services. Its MarketStats division provides interactive tools and market reports for MLSs, associations, brokers, agents, and other real estate companies, along with recruiting software that enables brokers to identify top agents. Its showing products take the inefficiencies out of the appointment scheduling process for real estate agents, buyers and sellers. ShowingTime products are used in more than 250 MLSs representing over 950,000 real estate professionals across the U.S. and Canada.
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