CHICAGO, April 20, 2018 /PRNewswire/ -- Showing activity across the U.S. increased 5.7 percent in March to reach its highest point in the four years the ShowingTime Showing Index® has documented buyer demand, highlighting how the lack of housing inventory continues to impact the residential real estate industry.
The South and Midwest regions outpaced the nationwide increase, with the South Region posting a regional-high 8.2 percent year-over-year increase. The Midwest Region exhibited a 6.8 percent jump in showing activity, recovering from a slight decline in February.
Buyer demand also increased 4.7 percent in the Northeast Region, while the West Region (-1.4 percent) saw a slight year-over-year decline for the second consecutive month.
ShowingTime Chief Analytics Officer Daniil Cherkasskiy said unprecedented low inventory and the start of the historically busy spring season contributed to the Showing Index reaching a record high. The Showing Index was established in April 2017, but tracks residential real estate demand since January 2014.
"The trend of increased showing activity has continued, and we've now reached an all-time high since the initial index value was set," Cherkasskiy said. "The unprecedented low housing inventory has resulted in more demand per listing throughout the country."
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.
The Showing Index, released the third week of each month, 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.
To view the full report, visit www.showingtime.com/index.
ShowingTime is the leading showing management and market analytics provider to the residential real estate industry. Its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents and other real estate companies. ShowingTime products are used in more than 250 MLSs and associations representing more than 900,000 real estate professionals across the U.S. and Canada.
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