Demand from home buyers continues to show signs of a slightly quicker cooldown heading into fall. Three of the nation’s four regions still recorded year-over-year gains, with the Northeast, at 13%, and the Midwest, at 7.9%, leading the way. The South came in at 3.4%, while the West posted a decline of 8.1%. All regions saw declines in monthly showing traffic compared to July, in line with national seasonal trends.
All major metros experienced declines in month-over-month showing activity in August, with the exception of San Diego, which recorded a modest 1% increase in foot traffic. As is true in most months, the yearly data varies widely depending on the market. Showing traffic in Las Vegas was up 40% and in Chicago it increased 35% from the same time last year, while showing traffic in Memphis was down 35% and Houston declined 25%.
“Real estate is seasonal, as indicated by the data we’re seeing in the August Showing Index,” said Mike Lane, vice president of ShowingTime+. “We’ve noticed sellers and their agents reducing list prices more often than we’ve seen since last November, which could create an opportunity this fall for buyers not scared away by higher mortgage rates.”
Using reports that include pricing comparisons, days on market and showing activity for similar listings can help agents set expectations for their clients. Several are included with the Appointment Center by ShowingTime+, click to learn more.
|Metropolitan Area||Ratio of Showings to Listings||Year-over-Year Change||Month-over-Month Change|
|Dallas–Fort Worth, TX||6.34||-17%||-8%|
|Las Vegas, NV||4.18||40%||-3%|
|Los Angeles, CA||4.72||7%||-6%|
|Miami–Fort Lauderdale, FL||6.71||-14%||-5%|
|Minneapolis–St. Paul, MN||6.58||-3%||-7%|
|New York, NY||8.21||-4%||-6%|
|St. Louis, MO||7.44||-3%||-8%|
|San Diego, CA||6.25||12%||1%|
|San Francisco, CA||4.01||22%||-4%|
|Virginia Beach, VA||8.06||0%||-4%|
To view the full report, click here.
 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.
 Calculated using the average number of buyer showings per active listing on a monthly basis. August 2023.
 August 2022–August 2023.
 July–August 2023.