Showing Activity Continues to Slow Nationwide in May as Fewer Buyers Compete for Listings

The U.S. saw an average drop in buyer traffic of 18.2% year over year in May according to data from ShowingTime, with 35 markets recording double-digit showings per listing compared to 104 last May. For the third consecutive month, traffic was busiest in Burlington, Vt., and Bloomington-Normal, Ill.

CHICAGO, June 30, 2022 /PRNewswire/ -- May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, and the latest data shows a sea change in which markets are the most popular.  That's according to ShowingTime, one of the residential real estate industry's leading technology providers of showing management and market statistics.

The smallest drop was in the Northeast, according to the ShowingTime Showing Index®, where its 13.3% decline was relatively modest compared to the other regions: the Midwest was down 15.1% year over year, the South was off 22.2% while the West's 45.3% decline in buyer activity was the most significant. Overall, the U.S. recorded an 18.2% downturn in activity in May.

Notably, the perennial leaders in buyer activity over most of the past year – Denver and Seattle – both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021. The slowdown continued a trend that began this spring, ending what had been a months-long streak of year-over-year growth in buyer activity across the U.S.

During that earlier stretch, the number of markets recording double-digit showings per listing regularly reached triple digits. Though activity has slowed, Burlington, Vt., with 15.80 showings per listing and Bloomington-Normal, Ill., with 12.39 remained at the top of the list, with both also recording year-over-year increases in buyer traffic. Bridgeport, Conn. and Cleveland, Ohio were close behind, with Richmond, Va.; Akron, Ohio; Rochester, N.Y.; and Hartford, Conn. also recording double-digit showings per listing.

"Showing activity continues to be at levels lower than we're used to seeing at this time of year, pointing to a market in transition," said ShowingTime Vice President and General Manager Michael Lane. "Following the surge in mortgage rates, it's reasonable to expect that showing activity will continue to ease, especially when compared to last year's historic numbers."

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. It tracks the average number of appointments received on active listings during the month.

About ShowingTime

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.

CONTACT: 

Elana Bodow
Barbara Wagner Communications
(315) 440-7554
[email protected]                             

Katie Prael
Barbara Wagner Communications
(646) 737-4600
[email protected]

SOURCE ShowingTime