ShowingTime Showing Index® records year-over-year consecutive gains for key U.S. markets
South Region (3.8 percent) exhibits the biggest increase in showings for the fourth consecutive month, while the Midwest (1.7 percent) also experiences an increase
West Region (-6.9 percent) sees year-over-year decrease for fifth consecutive month; moderate inventory buildup occurring in some western markets
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
ShowingTime Chief Analytics Officer Daniil Cherkasskiy said that many U.S. real estate markets were just as busy in June as they were during an intense 2017, with buyers going on more showings in the South and Midwest regions of the country than they did at the same time last year.
Data compiled for the ShowingTime Showing Index® reveals that homebuyer interest overall remains strong, with the South experiencing the highest year-over-year increase in showing activity for the fourth consecutive month at 3.8 percent while the Midwest posted a year-over-year increase of 1.7 percent. The West (-6.9 percent) and Northeast (-2 percent), however, experienced year-over-year decreases; nationally, the combined index indicated showing activity for all regions was up 0.2 percent.
“We’ve now seen five consecutive months of year-over-year decreases in the West Region and are also seeing a moderate buildup of inventory in some western markets,” Cherkasskiy said. “These two factors point to a potential slowdown in demand in the West while real estate prices stay at historically elevated levels.”