NEW YORK – The weather may be getting chillier in many parts of the country, but that hasn’t deterred potential home buyers from touring homes for sale. Buyer traffic in October saw an uptick in all four major regions of the U.S. It was also the first annual increase for the month since 2017, according to the latest ShowingTime Showing Index report.
Overall, buyer traffic nationwide increased 5.5% year over year in October, the largest increase since March 2018. The South region – an area that includes Florida – saw the biggest uptick with that 10.8% year-over-year increase. Buyer traffic increased 3.8% in the Northeast, 1.5% in the Midwest and 8.6% in the West.
“We are seeing expected seasonal slowdowns in October, although this fall continues to be more active than last year in terms of showing traffic,” says Daniil Cherkasskiy, ShowingTime chief analytics officer. “The increase in showing activity in both the South and West regions is noteworthy given that both had previously reported nearly year-long drops in traffic prior to August.”
Lower mortgage rates may be drawing buyers out. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 3.68% last week, down from 4.75% a year ago.
On average, homebuyers tour a median of nine homes and look for a house over 10 weeks before they buy, according to the 2019 Profile of Home Buyers and Sellers report, produced by the National Association of Realtors®.
The ShowingTime Showing Index is compiled using data from property showings scheduled using ShowingTime products and services. The service facilitates more than 4 million showings each month.
Source: “Home Showings Increase Across U.S. for Third Consecutive Month,” RealTrends.com (Dec. 5, 2019) and ShowingTime