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Press release content from Business Wire. The AP news staff was not involved in its creation.

June’s Rapid Slowdown in Demand Brings Home Showing Traffic to More Normal Levels Per Data From ShowingTime

July 20, 2021 GMT

CHICAGO--(BUSINESS WIRE)--Jul 20, 2021--

ShowingTime, the residential real estate industry’s leading showing management and market stats technology provider, found that showing activity slowed during June compared to prior months, but remained hyperactive during the first few days listings go on the market in cities across the country.

According to the ShowingTime Showing Index ®, 64 markets still averaged double-digit showings per listing during the month, led again by Seattle and Denver. That was down almost half from May, when 113 markets averaged double-digit showings per listing, and down from a very busy April when 146 markets were in double digits.

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“Buyer demand remains healthy,” said ShowingTime President Michael Lane. “Showing traffic is still above last year’s levels – other than in the Northeast, where it is down 3 percent from last year – though we saw a quick month-to-month drop in the number of showings per listing in June, showing an uncharacteristically rapid slowdown in real estate demand coming into the summer. This is likely to cause an increase in inventory levels in the coming months and ease the upward pressure on real estate prices that has pushed them to historic highs over the last 12 months.”

Though the volume of showings declined from prior months, the first five days listings are active remain critical for buyers, when showing calendars tend to fill up quickly. Listings in Riverside and Bakersfield, Calif., Buffalo and Rochester, N.Y., Los Angeles, Raleigh, N.C., and Grand Rapids, Mich., each averaged more than 30 showings just in the first five days.

Buyer demand remained strong enough in June to drive year-over-year jumps in showing traffic in the South (20.5 percent), the West (14.4 percent) and the Midwest (14.1 percent), leading to a 7.8 percent jump year over year in activity throughout the U.S. overall. The Northeast Region, however, saw a drop of 3.2 percent, the first drop in showing activity in any region since April 2020 when real estate continued to grapple with the effects of the pandemic.

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. The Showing Index tracks the average number of appointments received on active listings during the month.

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About ShowingTime
ShowingTime is the residential real estate industry’s leading showing management and market stats technology provider, with more than 1.5 million active listings subscribed to its services. Its products are used in 370 MLSs representing 1.4 million real estate professionals across the U.S. and Canada. Contact us at research@showingtime.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210720006030/en/

CONTACT: Barbara Wagner

Barbara Wagner Communications

barbara@bwagnerpr.comElana Bodow

Barbara Wagner Communications

elana@bwagnerpr.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS CALIFORNIA NEW YORK MICHIGAN

INDUSTRY KEYWORD: SOFTWARE CONSTRUCTION & PROPERTY MARKETING CONSULTING COMMUNICATIONS PROFESSIONAL SERVICES TECHNOLOGY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: ShowingTime

Copyright Business Wire 2021.

PUB: 07/20/2021 01:00 PM/DISC: 07/20/2021 01:01 PM

http://www.businesswire.com/news/home/20210720006030/en