Index shows high-end homes are leading the decline in showing traffic
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Homebuyers appear to be holding back according to a monthly index of showing activity.
The ShowingTime Showing Index was down 6.5% in April compared to a year earlier, the seventh consecutive month of year-over-year declines.
“Showing activity stabilized and is holding steady, but it is still slightly off from the higher levels registered in 2018,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy.
The luxury market saw the hardest impact with luxury homebuyers staying on the sidelines and the higher priced markets of the West region recorded the largest decline (11.1% year-over-year) and declined year-over-year for the thirteenth straight month.
“The slowdown in showing traffic continues to be concentrated in the upper price quartiles across the U.S., with less expensive homes registering the same or slightly higher levels of showing traffic than at the same time last year,” added Cherkasskiy.
The three other main regions also recorded lower levels of showing activity than a year ago; the South down 8.1%, the Midwest down 7.1%, and the Northeast down 3.8%.
ICYMI: Happy June! Check out our just-released April Showing Index for a potential sneak peak of this month's housing activity. https://t.co/xtBpjJvmmP #Showings #RealEstate #ShowingIndex
— ShowingTime (@ShowingTime) June 1, 2019
