June 30, 2023 – Showing traffic declined about 10% in May, according to the latest data from the ShowingTime Showing Index®.[1] This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return – in which showing traffic peaks in spring and declines through the rest of the year.
Despite the monthly decline, buyer foot traffic remains elevated above pre-pandemic levels associated with a more typical housing market. Buyers continued to outnumber sellers last month, leading to the strongest monthly price growth since last June – even as sales activity remained muted. The index overall was 46% and 66% higher in May than in the same period in 2018 and 2019, respectively, and up 5.2% from May of last year.
Regionally, the Northeast performed well compared to May 2022 with a 13.1% increase in showing traffic year over year. The Midwest posted a smaller positive gain of 3.8%, while the South declined 3.8% and the West was down 7.7% from last year. The West also led in monthly traffic declines with a 13.4% decrease in buyer foot traffic compared to April.
Several major metros clocked in around 10 showings per listing on average, including Seattle, Columbus, Ohio and Washington, D.C. All major metros analyzed reported monthly declines in showings, in line with the U.S. trend overall.
“The inventory squeeze continues to make itself known in showing activity, with lower listing volume translating to fewer showings,” said Mike Lane, vice president of ShowingTime+. “Showing traffic and pending sales activity in the coming weeks will indicate where the market might be headed as summer begins in full swing.”
For listing agents looking to win more listings in a competitive, tight inventory market, Listing Showcase from ShowingTime+ is now live in its first iteration in select markets with more to come later this year. Listing Showcase is a brand-new, premium listing experience, powered by ShowingTime+ and currently available only on Zillow. It’s designed to enable listing agents to elevate their brand and the experience they provide to sellers, in turn helping them win more listing pitches that lead to more business.
Agents who are interested in hearing when Listing Showcase is launching in their market can join the waitlist.
| Metropolitan Area | Ratio of Showings to Listings[2] | Year-Over-Year Change[3] | Month-Over-Month Change[4] |
| Atlanta, GA | 7.25 | -17% | -5% |
| Austin, TX | 4.84 | -27% | -3% |
| Boston, MA | 8.69 | 3% | -8% |
| Chicago, IL | 9.39 | 4% | -8% |
| Cincinnati, OH | 9.51 | 3% | -8% |
| Columbus, OH | 9.84 | -6% | -12% |
| Dallas–Fort Worth, TX | 7.97 | -27% | -6% |
| Denver, CO | 8.50 | -16% | -14% |
| Houston, TX | 6.36 | -28% | -16% |
| Las Vegas, NV | 4.72 | 14% | 0% |
| Los Angeles, CA | 5.56 | 6% | -6% |
| Memphis, TN | 5.37 | -43% | -15% |
| Miami–Fort Lauderdale, FL | 7.81 | -22% | -5% |
| Minneapolis–St. Paul, MN | 8.73 | 1% | -7% |
| Nashville, TN | 6.83 | -23% | -10% |
| New York, NY | 9.60 | 3% | -5% |
| Philadelphia, PA | 8.87 | -10% | -8% |
| Phoenix, AZ | 7.14 | 4% | -5% |
| Portland, OR | 7.49 | -17% | -8% |
| Raleigh, NC | 7.61 | -8% | -3% |
| Riverside, CA | 6.55 | 9% | -9% |
| St. Louis, MO | 9.21 | 1% | -7% |
| Sacramento, CA | 5.91 | 6% | -12% |
| San Diego, CA | 6.79 | 13% | -13% |
| San Francisco, CA | 3.93 | 15% | -22% |
| Seattle, WA | 9.93 | -1% | -9% |
| Virginia Beach, VA | 10.50 | -1% | -6% |
| Washington, DC | 10.42 | 3% | -7% |
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. April 2023
[3] May 2022–May 2023
[4] April 2023–May 2023
