Home showings down, signaling a less competitive housing market this spring

Showings continue their downward slide

If homebuyers want another sign the market has turned in their favor, then last month’s showing activity is the proof. According to new data, home showings were down significantly in March — especially in the historically hot West Coast region.

Where home showings dropped the most

According to data from showing management company ShowingTime, home showings were down nationally last month, marking the eighth consecutive month that showing activity has dropped. Though showings were actually up over February, they dipped 7.2 percent over March of last year.

Daniil Charkasskiy, chief analytics officer at ShowingTime, explained, “Activity has picked up across the board, though showing traffic is still slower than this time last year. March was a lot more active compared to February, which could be attributed to the decrease in mortgage rates.”

Starter home alternatives: Niche properties with less buying competition

Regionally, home showings were down the most in the West, decreasing 17.2 percent over the year. This marks the seventh month in a row the region has seen a double-digit decrease in showings.

Home showings decrease in all four regions

Home showings dropped 9.2 percent in the Midwest, 7.2 percent in the South and just 3.2 percent in the Northeast, indicating a less competitive buying landscape across all four regions of the country. Showings in the Northeast have dipped for 11 straight months.

According to Charkasskiy, showings were down most on higher-priced homes.

“Specifically, we’re seeing that the lower two pricing quartiles of the market haven’t slowed down year over year,” he said. “Rather, it’s the higher-end homes that have had less traffic.”

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Are you looking to take advantage of the less competitive homebuying market this spring? Then shop around and see what mortgage rates you qualify for today.