With The Federal Reserve aggressively raising interest rates to fight record-high inflation, we have certainly seen a significant slowdown in the real estate market. Perhaps one of the best indicators of this slowdown is the number of home showings per listing in the current market. According the showing management site ShowingTime, the number of home showings per listing has dropped significantly year-over-year through the month of May 2022. We break down some of the findings by region below. To access the full report, click here.
Showing activity by region
At the national level, showing activity decreased year-over-year through May 2022 by 18.2%. As for regional differences, they were as follows:
- West: 45.3% reduction in showing activity
- South: 22.2% reduction in showing activity
- Midwest: 15.1% reduction in showing activity
- Northeast: 13.3% reduction in showing activity
ShowingTime is a popular and commonly used scheduling service utilized by real estate agents across the country. Therefore, these data are a good indicator of what is actually happening in the current market. It is important to note that although the number of home showings is dropping dramatically as compared to the same time last year, we were also seeing a record level of home showing activity in 2021. In addition, the recent surge in mortgage interest rates also makes this decrease in home showings not surprising. For information on this, check out our previous article titled “Higher Mortgage Rates Leading To Less Buyers“
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