A historic summer for residential real estate ended with a modest drop in showing activity, while 18 major markets, led by Seattle, Washington; Denver, Colorado and Spokane, Washington saw double-digit showings per listing in August according to the latest data from the ShowingTime Showing Index. ShowingTime is a provider of residential real estate showing management and market stats technology.
“The drop in buyer demand we’re seeing is par for the course during this time of the year,” said ShowingTime President Michael Lane. “While we’re seeing a decline in showing traffic compared to this point last year, demand continues to exceed that seen in the months leading up to the pandemic.”
Showing activity fell by 10.7% year-over-year in August, continuing the anticipated steady decline in buyer traffic regularly seen heading into the fall. Regionally, the Northeast saw the largest drop in activity to the tune of 18% year over year. That drop was followed by the West’s 9.2% dip, with the Midwest’s 6.4% and South’s 0.7% drops rounding out the month.
While showing activity was down compared to this period last year throughout much of the country, 13 of the top markets by showings per listing continue to see gains in demand year over year.
“While showing activity was again down in August, the dip only tells part of the story,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “Spring was the most extreme seller’s market we’ve seen since 1979, so while we’re seeing an anticipated drop in showing activity, we remain in a historic market.”