Amount of home showings rose significantly in November
Recent analysis from Realtor.com suggested that spring homebuying season now actually starts in the middle of winter, but perhaps it’s starting even earlier than that this year.
According to a monthly survey from ShowingTime Showing Index, November was the fourth consecutive month that home showings increased.
This is the longest run of increasing showing activity since October 2017 through January 2018.
The November showing index had a 12.6% year-over-year increase in traffic, nationwide.
Realtor.com also said that in the fall, homebuyers would see 26% less competition and 6.1% more homes on the market, making fall months prime ones for homebuying. During this time, 6% of homes on the market would go through price reductions and become 2.4% cheaper.
The supply of homes for sale fell 12.1% year over year, which is the biggest decline since April 2013, and the fifth straight month of declines.
Now, home sale prices are at a median of $311,600, the largest increase since July 2018, when home prices were up from 5.6% from 2018.
The most increase in buyer traffic was in the West, which had a 23.1% increase. According to the showing index, this is also the greatest growth in this region’s history.
The South region had a 15.4% increase, while the Northeast had a 13% increase. The Midwest showed modest growth, with a 7.1% increase in November.
October’s national index was up 5.5%, and September saw 4.6% increase.