May home showing traffic slowed again year-over-year throughout the U.S., with just 35 markets recording double-digit showings per listing, and the latest data shows a sea change in which markets are the most popular. That’s according to ShowingTime, one of the residential real estate industry’s leading technology providers of showing management and market statistics.
The smallest drop was in the Northeast, according to the ShowingTime Showing Index®, where its 13.3% decline was relatively modest compared to the other regions: the Midwest was down 15.1% year over year, the South was off 22.2% while the West’s 45.3% decline in buyer activity was the most significant. Overall, the U.S. recorded an 18.2% downturn in activity in May.
Notably, the perennial leaders in buyer activity over most of the past year – Denver and Seattle – both fell out of the top 25 busiest markets, with each averaging around 10 showings per listing, breaking a streak that began in early 2021. The slowdown continued a trend that began this spring, ending what had been a months-long streak of year-over-year growth in buyer activity across the U.S.
During that earlier stretch, the number of markets recording double-digit showings per listing regularly reached triple digits. Though activity has slowed, Burlington, Vt., with 15.80 showings per listing and Bloomington–Normal, Ill., with 12.39 remained at the top of the list, with both also recording year-over-year increases in buyer traffic. Bridgeport, Conn. and Cleveland, Ohio were close behind, with Richmond, Va.; Akron, Ohio; Rochester, N.Y.; and Hartford, Conn. also recording double-digit showings per listing.
“Showing activity continues to be at levels lower than we’re used to seeing at this time of year, pointing to a market in transition,” said ShowingTime Vice President and General Manager Michael Lane. “Following the surge in mortgage rates, it’s reasonable to expect that showing activity will continue to ease, especially when compared to last year’s historic numbers.”
The ShowingTime Showing Index is compiled using data from more than six million property showings scheduled across the country each month on listings using ShowingTime products and services. It tracks the average number of appointments received on active listings during the month.