Though “robust buyer activity” persisted in April, showing activity dropped on both month-over-month and year-over year comparisons.
Markets Experiencing Double-Digit Showings er Listing Fell in April
A new report from the showing management company ShowingTime indicated that 103 housing markets in the US experienced double-digit showings per listing in April 2022 whereas in April 2021, 146 US markets experienced double-digit showings per listing.
These comparative numbers represent a drop of -10.7% y/y in buyer activity.
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In terms of month-to-month comparative numbers, ShowingTime indicated that 121 markets experienced double-digit showings per listing in March while in April, just 103 US markets experienced double-digit showings per listing. These numbers reflect a -12.1% m/m drop in buyer activity. ShowingTime’s president and general manager, Michael Lane. Lane said, “April buyer activity was rather unusual, since it typically matches March levels.”
Lane added, “…April traffic was slower across all markets, pointing to competition softening (and) contrasts with last year’s dynamic, when demand reached a feverish peak in April.”
Markets & Regions Where Buyer Activity Busiest and Slowing
The busiest markets with the most showings during April included Burlington VT, Richmond VA, Denver CO, Akron OH, Rochester NY and Bridgeport CT.
While buyer activity throughout the country decline in April, ShowingTime indicated that markets in the Midwest region declined the least with a drop of -7.3% m/m. Buyer activity in the Northeast declined -8.6% m/m; showings dropped by -11/6% m/m in the South; and buyer activity fell -35.3% m/m in the West.
Future Indicators of Buyer Activity?
In an Inman conversation with Redfin’s Chief Economist Daryl Fairweather about the shifting dynamics of housing markets around the country, Fairweather suggested there “…was some potential for the Midwest to have its moment.” Why? Because the Midwest did not have the same spike in home price appreciation during the pandemic that other markets, such as Boise, Salt Lake City and Austin, had over the last two years.
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Thanks to Inman.