ShowingTime Chief Analytics Officer Daniil Cherkasskiy said the continued rise of buyer interest throughout the country indicates low interest rates, strong consumer confidence and relatively low unemployment rates are fueling the growing demand.
The South Region had the highest year-over-year increase in showings, recording an 11.6 percent rise compared to October 2016, negating concerns that buyers would be hesitant to engage in the market following Hurricane Irma’s impact in Florida and South Carolina. The Northeast Region increased 10.2 percent, while the Midwest Region posted an 8.1 percent increase. The West Region saw a 5.5 percent increase.
“As usual, showing traffic is entering the regular seasonal slowdown,” Cherkasskiy said. “But despite the time of year and the concerns raised after last month’s demand decreased by 10 to 30 percent in some southern markets following Hurricane Irma, buyers in the South Region have quickly returned to the market as buyer interest has rebounded to pre-hurricane levels.”
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 facilitates more than 4 million showings each month. It tracks the average number of appointments received on an active listing during the month. The Showing Index, released the third week of each month, will eventually be released on a weekly basis. Local MLS indices are also now available for select markets, and are distributed to MLS and association leadership to provide them with another resource to share with members and to communicate to local media.
To view the full report, visit devws.showingtime.com/index.
For inquiries, contact research@showingtime.com.