Oct. 23, 2017 – Home showings on the national level posted a 7.3 percent year-over-year increase in September, according to the September 2017 ShowingTime Showing Index.
ShowingTime Chief Analytics Officer Daniil Cherkasskiy said strong showing activity is a proxy for buyer demand as interested buyers shift from viewing properties online to engaging a real estate professional to schedule an in-person showing.
The Northeast Region had the highest year-over-year increase in showings at 11.5 percent, while the Midwest Region posted an 8.3 percent increase. The West Region saw a 7 percent increase. The South Region saw a modest 0.5 percent increase in showings compared to September 2016, which was largely due to Hurricane Irma’s impact in Florida and South Carolina.
“Hurricane Irma had a significant impact on showing activity in coastal areas from Florida to South Carolina, with some markets seeing a 10- to 30-percent decrease compared to last September,” Cherkasskiy said. “Other areas in the South not affected by Irma actually saw a substantial year-over-year increase, which explains why the region as a whole experienced only a slight increase. It will be interesting to monitor the South’s showing activity in the coming months to see if demand quickly bounces back, or remains somewhat subdued until the first quarter of 2018.”
Cherkasskiy added that based on the overall strength shown by the Index, it appears that continued attractive mortgage loan rates, strong consumer confidence and relatively low unemployment rates will fuel demand for residential housing.
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 to communicate to local media.
To view the full report, visit devws.showingtime.com/index.
For inquiries, contact research@showingtime.com.