August 1, 2023 – Showing traffic declined 2.5% in June, according to the latest data from the ShowingTime Showing Index®.[1] This is a relatively small decrease for this time of year — in a typical pre-pandemic year, buyer foot traffic drops by 5% or more from May to June. June showing traffic is also up nearly 20% from last year and remains elevated above pre-pandemic levels overall.
The ongoing scarcity of new listings could be contributing to higher-than-normal showing activity this summer. Higher mortgage rates continue to sideline would-be sellers, leaving fewer options for buyers to choose from. It’s clear that those buyers who can manage higher mortgage rates remain on the hunt, however: Overall, the index was 54% and 56% higher in June than in the same period in 2018 and 2019, respectively.
The Northeast led all regions again this month compared to June 2022, with a 23.9% increase in showing traffic. The Midwest’s increase is in line with the U.S. overall at 19.9%, with the South clocking a yearly increase of 14.3%. The West is also up from the same time last year, with a 5.9% increase in showings across the region.
Most major metro areas remained flat or declined in June, with the exception of San Francisco, which saw a 7% monthly increase in showing activity. Looking at showing activity year over year, major metros posted a wide variety of yearly changes. For example, showing traffic in Seattle and San Diego was up around 20%, while other Western cities saw declines, such as Denver and Portland, with drops of 3% and 4%, respectively.
“June’s slowdown in showing activity is typical as we approach the fall season, and waning buyer activity with it. But showing traffic didn’t slow as much as we would expect in a typical year and decreased far less than the last two pandemic years,” said Mike Lane, vice president of ShowingTime+. “Time will tell whether June’s smaller-than-typical decrease is a sign of increased demand to come and what role limited inventory will play in showing activity heading into peak summer.”
In an evolving market, agents need tools to help them price listings to sell and to educate their clients on what’s going on in their market. The Pricing Benchmark Report from ShowingTime+ is a powerful tool to help agents make data-driven decisions about how best to market their clients’ home. The report is now included with Appointment Center subscriptions in most markets. Learn more.
| Metropolitan Area | Ratio of Showings to Listings[2] | Year-over-Year Change[3] | Month-over-Month Change[4] |
| Atlanta, GA | 6.83 | -6% | -6% |
| Austin, TX | 4.43 | -14% | -9% |
| Boston, MA | 8.74 | 16% | 1% |
| Chicago, IL | 8.95 | 15% | -5% |
| Cincinnati, OH | 8.81 | 8% | -7% |
| Columbus, OH | 8.97 | 2% | -9% |
| Dallas–Fort Worth, TX | 7.36 | -20% | -8% |
| Denver, CO | 7.94 | -3% | -7% |
| Houston, TX | 6.08 | -21% | -4% |
| Las Vegas, NV | 4.58 | 37% | -3% |
| Los Angeles, CA | 5.10 | 11% | -8% |
| Memphis, TN | 5.31 | -38% | -1% |
| Miami–Fort Lauderdale, FL | 7.39 | -15% | -5% |
| Minneapolis–St. Paul, MN | 7.84 | 7% | -10% |
| Nashville, TN | 6.59 | -12% | -4% |
| New York, NY | 9.24 | 11% | -4% |
| Philadelphia, PA | 8.39 | -5% | -6% |
| Phoenix, AZ | 6.86 | 21% | -4% |
| Portland, OR | 6.81 | -4% | -9% |
| Raleigh, NC | 7.07 | -4% | -7% |
| Riverside, CA | 6.02 | 19% | -8% |
| St. Louis, MO | 8.90 | 8% | -3% |
| Sacramento, CA | 5.52 | 19% | -7% |
| San Diego, CA | 6.50 | 23% | -4% |
| San Francisco, CA | 4.22 | 29% | 7% |
| Seattle, WA | 9.34 | 20% | -6% |
| Virginia Beach, VA | 9.81 | 7% | -7% |
| Washington, DC | 9.85 | 11% | -5% |
To view the full report, click here.
[1] The ShowingTime Showing Index is compiled using data from more than 6 million property showings scheduled across the country each month for listings that use ShowingTime products and services. It tracks the average number of appointments received for active listings during the month, then reports the numbers by region and nationally.
[2] Calculated using the average number of buyer showings per active listing on a monthly basis. June 2023.
[3] June 2022–June 2023.
[4] May 2023–June 2023.
