Home Showing Activity Slows as Buyer Demand Continues Rebalancing from Historic Highs

July's foot traffic is down year-over-year across the U.S. according to data from ShowingTime, reflective of last summer's incredible surge in buyer demand

• Home showing activity across the U.S. rebalanced in July to more normal levels, with a 16.8% year-over-year drop in buyer foot traffic
• Burlington, Vt. remained the only market to see double-digit showings per listing in July, compared to 40 markets at the same time last year
• The West's 44% dip in showing activity was again the largest in the country, continuing its downward trend this year

CHICAGO, Aug. 31, 2022 /PRNewswire/ -- Home showing traffic softened throughout the U.S. in July as the real estate market continues to normalize after last year's record surge, according to the latest data from the ShowingTime Showing Index®.

The year-over-year dip in buyer activity follows a general market rebalancing that's taking place across the country as available inventory increases while fewer buyers actively shop for homes. Both factors have eased competition compared to last summer's multiple-offer environment. The Northeast again saw the smallest dip in buyer demand in July, recording a 9.9% drop, followed by the Midwest's 13.5% decrease. The South's 24.2% drop came next, with the West again claiming the largest year-over-year decline at 44%. The U.S. overall saw a 16.8% dip in showing traffic in July.

Burlington, Vt. again led all markets in showings per listing with an average of 12.1, marking the third consecutive month it claimed the top spot. Burlington was one of only four markets in the top 25 to see a year-over-year increase in the number of showings per listing, with Hartford, Conn., Appleton, Wis., and Syracuse, N.Y., also seeing modest increases.

Trenton, N.J., recorded an unusual month-over-month increase of 4%, the only market in the top 25 with a gain in traffic compared to June. Among the top 50 busiest markets, just two other cities, El Paso, Texas, and Bremerton, Wash., recorded month-over-month gains, 2% and 4%, respectively.

"The slowdown in showings tracks with the overall market rebalancing that's taking place across the country," said ShowingTime Vice President and General Manager Michael Lane. "Conditions for buyers are less competitive than they were last year at this time, while a general increase in available inventory in most markets has not only given buyers more options to consider, but more time to consider them." 

ShowingTime is an industry leader in home touring technology and a proud affiliate of Zillow Group, Inc. ShowingTime's technology and services simplify the tour scheduling process for buyers, sellers and agents across the industry. ShowingTime products are used in hundreds of MLSs representing more than one million real estate professionals across the U.S. and Canada.

SOURCE ShowingTime