Data compiled for the ShowingTime Showing Index® reveals that homebuyer interest overall remains strong, with the South experiencing the highest year-over-year increase in showing activity for the fourth consecutive month at 3.8 percent while the Midwest posted a year-over-year increase of 1.7 percent.
The West (-6.9 percent) and Northeast (-2 percent), however, experienced year-over-year decreases; nationally, the combined index indicated showing activity for all regions was up 0.2 percent.
“We’ve now seen five consecutive months of year-over-year decreases in the West Region, and are also seeing a moderate buildup of inventory in some western markets,” Cherkasskiy said. “These two factors point to a potential slowdown in demand in the West while real estate prices stay at historically elevated 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 facilitate more than 4 million showings each month.
Released the third week of each month, the Showing Index tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.
To view the full report, visit devws.showingtime.com/index.