A new report shows the market cooled in August, at least in terms of the number of prospective buyers looking at homes.
Regionally, the South saw the smallest drop in residential showings with a 0.7% decline, followed by the Midwest with a 6.4% dip in activity.
Conversely, the Northeast witnessed the largest drop in activity, plunging 18% year over year, followed by a 9.2% reduction in showings in the West.
Still, despite a drop of nearly 11% in residential showings nationwide, 18 markets, led by Seattle, Denver and Spokane, bucked the trend with double-digit showings per listing, according to the ShowingTime Showing Index.
“While showing activity was again down in August, the dip only tells part of the story,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy, on the company website.
“Spring was the most extreme seller’s market we’ve seen since 1979, so while we’re seeing an anticipated drop in showing activity, we remain in a historic market,” he added.
Monthly, the ShowingTime Showing Index gathers data from more than six million property showings scheduled across the country on listings using ShowingTime products and services.