The South Region reported a 3.8 percent decline in October 2018 compared to the same time last year, while the U.S. Index decreased 5.0 percent year over year from 2017. October showing activity decreased in the Northeast (-3.0) for the fifth straight month compared to 2017, while the Midwest (-6.5 percent) recorded its third straight month of year-over-year declines.
The West Region Index recorded a second consecutive double-digit decline, with showing activity off 14.4 percent compared to the same time last year. It was the ninth consecutive month the region has exhibited year-over-year declines.
Rising mortgage rates, which reached a seven-year high according to data from the Federal Home Loan Mortgage Corporation (Freddie Mac), likely contributed to fewer buyers going on showings. The National Association of Home Builders’ affordability index reported a 10-year low, another contributing factor.
“This is a continuation of the trend we’ve been seeing for the U.S. since spring,” ShowingTime Chief Analytics Officer Daniil Cherkasskiy said. “Despite a relatively healthy economy, all regions of the country reported slower buyer traffic when compared to 2017’s record numbers. We’ll be closely tracking showing activity in January and February as an indicator of buyer demand for 2019.”
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 facilitate more than 4 million showings each month.
Released on or around the 20th each month, the Showing Index tracks the average number of appointments received on an active listing during the month. Local MLS indices are also available for select markets and are distributed to MLS and association leadership.
To view the full report, visit showingtime.com/showingtime-showing-index/.
