Despite an 18.7% year over year decline in June, home tour activity remains above its pre-pandemic level, according to data released by ShowingTime on Monday.
Nationwide, ShowingTime’s Showing Index recorded a 5.55 ratio of showings to listings in June, down 15% from a year ago and 11% from May. In addition, the number of markets averaging double-digit home tours per listing fell from a high of 121 in March 2022 to just three markets in June.
ShowingTime stated that this decrease is an indicator that the housing market may be moving toward a rebalance.
“Most markets are experiencing a slowdown in buyer activity, especially compared to the historically high traffic seen last year,” Michael Lane, the vice president and general manager of ShowingTime, said in a statement. “While summer is a slower time of year for real estate compared to spring, the dip we’re seeing compared to last June suggests this slowing is more about a rebalancing of an overheated market than just marking the end of the home shopping season.”
Of the four major U.S. regions, the West saw the largest decline in showing activity, with buyer activity down 44.1% year over year. That was followed by the South (-25.9%), the Midwest (-18.7%), and the Northeast (-10.9%).
On an individual market basis, Burlington, Vermont had the highest share of showings per listing in June with an average of 13.58 showings. This is the second consecutive month Burlington has claimed the top spot.
In addition, Burlington is one of the only metro areas where the number of showings per listing is up significantly year over year, with a 9% increase. Month over month, however, showings were down 14% in Burlington. Rochester, New York, (10.18) and Cleveland, Ohio (10.16), rounded out the three markets recording double-digit showings per listing.
Dallas, Texas recorded the largest year-over-year drop in showings, falling 30% to an average of 9.24.
