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Consumers Continue Shopping For Homes As Low Inventory Persists

South Region experiences highest year-over-year increase for third consecutive month while the
West continues to decline, according to the ShowingTime Showing Index®

Key Points:

  • South Region (3.8 percent) exhibits highest regional increase for the third consecutive month, while Midwest (2.4 percent) and Northeast (0.2 percent) regions also experience slight increases
  • West Region (-5.2 percent) sees year-over-year decrease for the fourth consecutive month
  • 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

Homebuyer demand remained strong throughout the country in May as showing activity increased 1.2 percent year over year, according to the ShowingTime Showing Index®.

low inventory

The South Region experienced a 3.8 percent year-over-year increase compared to May 2017, exhibiting the highest regional year-over-year increase for the third consecutive month. The Midwest (2.4 percent) and Northeast (0.2 percent) also had slight year-over-year increases.

Showing activity in the West Region dropped 5.2 percent compared to May 2017, marking its fourth consecutive year-over-year monthly decrease.

ShowingTime Chief Analytics Officer Daniil Cherkasskiy said May 2018’s numbers are mostly comparable to the previous year, with the exception of the West.

Low Inventory

“While the spring season saw a substantially higher level of buyer traffic, May numbers came mostly in line with the levels experienced last year,” Cherkasskiy said. “Activity was up slightly year over year in the Midwest, South, and Northeast, while the West Region declined.”

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 the third week of 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.

View the full report

 

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