Buyer engagement via showings in the Northeast and South regions outpaced the national numbers, with the Northeast Region exhibiting an 8.4 percent year-over-year increase and the South Region experiencing a year-over-year increase of 5.3 percent.
Showing activity in the West and Midwest regions experienced slight declines in showing activity in February, with the West Region dropping 4.4 percent and the Midwest Region declining 0.4 percent compared to the previous year. The Midwest’s decline was its first in more than a year, while the slight drop in the West snapped a six-month growth period. Those numbers can be attributed to a very busy February 2017, ShowingTime Chief Analytics Officer Daniil Cherkasskiy said.
Other issues that bear monitoring in the coming months are whether higher mortgage rates and new tax laws will impact buyers, and if the new steel and aluminum tariffs will influence the already low inventory of new homes.
“Buyer demand remains strong throughout the U.S. despite prices continuing to rise across the country,” Cherkasskiy said. “We experienced a very substantial increase in buyer activity during the last spring season, and this year seems to be just as busy throughout all of the regions. Activity in the Northeast has especially increased as we head into the spring season.”
The ShowingTime Showing Index, the first of its kind in the residential real estate industry, is compiled using data from property showings scheduled across the country on listings using ShowingTime products and services, which facilitates more than 4 million showings each month.
It tracks the average number of appointments received on an active listing during the month. The Showing Index, released the third week of each month, will eventually be released on a weekly basis. Local MLS indices are also now available for select markets and are distributed to MLS and association leadership to provide them with another resource to share with members and the local media.
To view the full report, visit showingtime.com/index.
For inquiries, contact research@showingtime.com.