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October 2022 Showing Index Results: Home Showing Traffic Continues Decline Amid Challenging Market

Nov 28, 2022 – Against a backdrop of rising interest rates that are having a chilling effect on demand, home showing activity in October continued to decline from its all-time high in March, according to the latest data from the ShowingTime Showing Index® [1] 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 average ratio of showings to listing also declined in nearly all major markets analyzed, with most for-sale properties averaging between three and eight showings

“With fewer new listings hitting the market in October and buyers who continue to struggle with affordability challenges, it seems both sides are sitting out this market cooldown,” said Mike Lane, vice president of sales and industry for ShowingTime+ “We’re seeing this play out in home showing activity across the country as it continues to drop from pandemic highs, and we expect it to contribute to continued declines in sales heading into the new year ” Unfortunately for buyers and sellers, mortgage rates are still climbing, promising continued cooler demand this winter For sellers who are making a move, here are seven ways agents can help sellers make the most out of their home showings this holiday season

[1] The ShowingTime Showing Index is compiled using data from more than 6 million property showings scheduled across the country each month on listings using 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 July 2022

[3] August 2021–August 2022 [4] July 2022–August 2022

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