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We’re now more than a month into 2023 and spring is on the horizon, which gives us the perfect opportunity to reflect on how the last quarter of 2022 fared in terms of home showing activity throughout the country. Below, we’ve included links to our previous coverage of the last three months of regional home showing activity captured by the ShowingTime Showing Index®. For a recap of the first three quarters of 2022, visit the Q1, Q2 and Q3 recap blogs.
The fourth quarter picked up where the third quarter ended, as the U.S. again saw year-over-year declines in home showing activity in all regions. Nevertheless, while the beginning of the fourth quarter saw year-over-year declines in showing activity across the board, showing activity nationwide remained above pre-pandemic levels.
“Nationally, showing activity is still above pre-pandemic norms, although some regions are faring better than others. The West, in particular, which is home to many cities where demand exploded during the pandemic, is just six points away from its pandemic low in April 2020. The Western cities of Denver, Boise, Seattle, Phoenix and Austin saw fewer than half as many showings per listing on average than in October of last year, in line with the region’s 50% year-over-year decline in showing activity.
The South saw a 34% decline in year-over-year showing activity, while the Midwest and Northeast regions had smaller declines than the country as a whole. Nationally, showing activity was down around 7% month over month, very similar to the previous month’s decline. This means that from September to October, home showing traffic declined at about the same rate.”
The holiday season began with flagging showing activity as higher mortgage rates led to chilled buyer demand in November.
“Nationally, the index indicates showing traffic is still above pre-pandemic levels typical for this time of year. By continuing its downward direction, however, the index is as low as it’s been since the pandemic trough in April 2020. Regionally, the year-over-year declines are in line with those of previous months, with the Midwest down 25.4%, the Northeast down 24.2%, the South down 37.9%, and the Western region leading the declines at 55.4%.
November marks the first month any region surpassed pandemic lows in showing traffic, as the West hit its lowest point since at least December 2014, the year ShowingTime began tracking showing activity. Despite this, several major Western cities saw showing traffic stay flat or increase, bucking the trend of the region overall. Austin, Boise, Denver, Phoenix and San Francisco saw no decline or slight increases in the ratio of showings per listing in November.”
A year that began with modest year-over-year increases in showing activity throughout much of the country came to an end with double-digit drops in showings, following December’s nationwide declines in buyer turnout.
“‘Given last year’s historic flurry of activity, it’s not surprising that buyers were motivated to meet their home ownership goals so shortly after the holidays,’ said ShowingTime Vice President and General Manager Michael Lane. ‘With buyer demand showing no sign of letting up, we remain committed to helping busy real estate professionals handle the ensuing surge in business, just as we did throughout last year.’
Regionally, the South led the country with a 12.3% year-over-year jump in showing traffic in January, with Dallas and the Florida cities of Orlando, Sarasota and Miami having enormous home touring action. The Midwest’s 8.2% climb and Northeast’s 7% bump in activity closely followed, while the West – despite very active traffic in Seattle and Denver – saw a 4.5% dip in showings compared to its historic January 2021 numbers.”
A look at what’s to come: For the latest Showing Index updates, be sure to subscribe to our blog. You can also view localized showing data at the state/province level, updated daily, in our daily showing activity tracker by clicking here.
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