Sunday August 7, 2022
A competitive housing market can be stressful for home buyers. When there are more buyers than homes for sale, available homes sell quickly and for more than their asking price. It can put pressure on buyers and their budgets. So how competitive is today's market?
Well, one good measure of competitiveness is showing activity. The higher the number of average showings per listing, the more competition there likely is between buyers. Fortunately for today's home shoppers, showing activity has been slowing.
In fact, the number of housing markets averaging double-digit showings per listing fell to three in June. That's down from a record high of 121 in March. But while that's a huge improvement and good news for summer home buyers, showing activity is still higher than its pre-pandemic level. Which means, though competition for available homes has calmed from where it was over the past two years, prospective home buyers should still be prepared to move quickly. (source)