113 markets – led again by Denver and Seattle – recorded double-digit showings per listing in May,
down from 146 markets in April but still well ahead of last year’s pace. Buyer activity remains strong.
Although May buyer traffic declined compared to April, it remains elevated from the same time last year, according to the ShowingTime Showing Index®.
Of the 30 busiest markets for showings and buyer activity across the U.S., 28 recorded month-over-month declines from April. The exceptions were Orlando, Florida, and Raleigh, North Carolina, which were unchanged. Jackson, Tennessee, bucked the trend, recording an 11% increase in the average number of showings per listing.
May’s ebb in buyer activity traffic suggests the U.S. residential real estate market is adjusting and stabilizing, as inventory levels begin to rise again.
“It’s common for showing traffic to reach a high point in April and remain there for a couple of months,” said ShowingTime President Michael Lane. “The unusual May decline doesn’t take away from the fact that [buyer activity] showings continue to be at an all-time high, with year-over-year traffic up nearly 65% in some regions of the country.”
Showings increased 49.6% year-over-year in the U.S., with the Northeast region leading the way with a 63.5% increase compared to last May. It was followed closely by the West’s increase of 60.5%, while the South increased 43.7% and the Midwest was up 40.7% year over year.
“Although showing traffic continues at a historic pace, we saw a substantial month-to-month decrease from April’s levels,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “As we stated last month, even if demand begins to weaken, we’ll still be far from a buyer’s market since the demand for real estate remains at an unprecedented level.”
May marks the one-year point in which showing activity resumed in earnest after pandemic-induced drops. The infusion of additional inventory should come as a relief to buyers.
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. The Showing Index tracks the average number of appointments received on active listings during the month.