July 27, 2023

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Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.

The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.

It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of each year (during the peak homebuying season in the spring) and slowed as each year came to a close.

When the pandemic hit in March of 2020, that trend was disrupted as the market responded to the resulting uncertainty (shown in blue in the middle). From there, we entered the ‘unicorn’ years of housing (shown in pink). This is when mortgage rates were record-low and buyer demand was sky high. Similar seasonal trends still existed even during that time, just at much higher levels.

Now, let’s look at 2023. Traffic is down from the previous month and it’s also lower than the peaks we saw in the ‘unicorn’ years. But what’s happening isn’t a steep drop off in demand – it’s a slow return toward more normal seasonality. As the ShowingTime report explains:

“Showing traffic declined about 10% in May . . . This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return . . .”

And, to highlight this isn’t a drastic decline, let’s zoom in. Here’s a graph using just the May data for the last five years. It shows just how strong buyer demand still is.

What Does That Mean for You?

Buyers are still out there touring homes. They’re more active than they were in May 2022 (when sticker shock over higher mortgage rates started to set in) and certainly more than they were in the last normal years. So, remember, buyer activity is still strong. And it could actually be even stronger if it wasn’t constrained by the limited supply of homes for sale. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”

Bottom Line

Don’t lose sight of just how active the market still is today. If your house isn’t on the market, it’s not getting in front of all those buyers who are looking to make a purchase right now. Connect with a real estate agent to start the process.

– Marcus Bruno
Real Estate Broker
Bruno Fine Properties
(281) 969-3817

About the Broker/Owner 

Marcus Bruno

I am a licensed real estate broker with over 20 years of experience in the industry. I started my career in 2000 as a real estate agent, and in 2010 I became a broker. I have a passion for helping people find their dream homes and negotiate the best deals. I specialize in residential real estate, and I have extensive knowledge of the local market and trends. In 2015, I moved to Houston with my family and in 2018 opened Bruno Fine Properties Inc, a real estate brokerage that serves the Spring area and surrounding communities.  I am a proud father of five beautiful girls, and I have been happily married to my wife Malika Bruno since 2003. When I am not working, I enjoy spending time with my family, playing golf, and reading. I am always eager to meet new clients and look forward to sharing my knowledge.

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