November 2022 Showing Index Results: Showing Traffic Dips Again
Dec. 30, 2022 – As high mortgage rates continue to keep buyers on the sidelines, home showing activity in November reflected the cooler market pace, according to the latest data from the ShowingTime Showing Index®.[1]
Nationally, the index indicates showing traffic is still above pre-pandemic levels typical for this time of year. By continuing its downward direction, however, the index is as low as it’s been since the pandemic trough in April 2020. Regionally, the year-over-year declines are in line with those of previous months, with the Midwest down 25.4%, the Northeast down 24.2%, the South down 37.9%, and the Western region leading the declines at 55.4%.
November marks the first month any region surpassed pandemic lows in showing traffic, as the West hit its lowest point since at least December 2014, the year ShowingTime began tracking showing activity. Despite this, several major Western cities saw showing traffic stay flat or increase, bucking the trend of the region overall. Austin, Boise, Denver, Phoenix and San Francisco saw no decline or slight increases in the ratio of showings per listing in November.
As in October, month-over-month data shows the pace of decline in showing activity is not greatly accelerating, and all regions and the U.S. overall are declining at roughly the same rate. Showing activity across the U.S. is down 8.8% from October, with the Midwest seeing a 9.6% decrease in activity, the Northeast at 7.6%, the South leading at 9.8%, and the West coming in at an 8% month-over-month decline, despite posting the largest year-over-year decrease in showing traffic. This monthly trend is perhaps driven by the leveling off or slight gains in activity in several major Western cities.
The average ratio of showings to listings also declined in many markets analyzed, with most for-sale properties averaging between three and seven showings.
“Mortgage affordability remains a major challenge for home buyers, who aren’t getting out there to look at homes in the numbers we saw at this time last year and the year before,” said Mike Lane, vice president of sales and industry for ShowingTime+. “Heading into the spring shopping season, we’ll expect to see new listings hit the market and more buyers venturing out and facing less competition than they have been.”
As we approach the end of 2022 and look ahead to next year, check out these top five home trends to watch in 2023.
| Metropolitan Area | Ratio of Showings to Listings[2] | Year-Over-Year Change[3] | Month-Over-Month Change[4] |
| Atlanta, GA | 4.70 | -46% | -6% |
| Austin, TX | 3.77 | -54% | 2% |
| Boise, ID | 1.63 | -48% | 6% |
| Boston, MA | 6.97 | -21% | 4% |
| Chicago, IL | 5.57 | -19% | -7% |
| Cincinnati, OH | 6.04 | -15% | -11% |
| Columbus, OH | 6.23 | -24% | -8% |
| Denver, CO | 6.30 | -53% | 0% |
| Houston, TX | 5.19 | -35% | -8% |
| Kansas City, MO/KS | 6.26 | -29% | -9% |
| Las Vegas, NV | 2.83 | -41% | 1% |
| Los Angeles, CA | 3.87 | -45% | -5% |
| Memphis, TN | 4.89 | -49% | -13% |
| Miami–Fort Lauderdale, FL | 6.00 | -44% | -10% |
| Minneapolis–St. Paul, MN | 5.55 | -22% | -7% |
| Nashville, TN | 4.99 | -46% | -6% |
| Philadelphia, PA | 6.34 | -27% | -8% |
| Phoenix, AZ | 4.43 | -51% | 0% |
| Portland, OR | 5.28 | -46% | -6% |
| Raleigh, NC | 5.37 | -39% | -5% |
| St. Louis, MO | 5.96 | -20% | -11% |
| San Francisco, CA | 3.60 | -21% | 3% |
| Seattle, WA | 6.03 | -60% | -13% |
| Virginia Beach, VA | 7.09 | -26% | -4% |
| Washington, DC | 6.77 | -30% | -4% |
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