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Fewer buyers viewing homes for sale

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Those long lines at open houses in the Columbus area are shrinking.

Another sign that the housing market is slowing is that fewer visitors are patrolling homes for sale.

Homes in the Columbus region on the market gathered an average of 8.8 shows in June, down from 10.4 last month and well below 15.5 in March. According to Showing TimeThe largest service in the country used by realtors to schedule home shows.

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Michael Lane, Vice President and General Manager of Showtime, said:

The number of buyers visiting homes for sale is a national trend

Showing Time found that the decline in domestic traffic in Columbus reflects the decline in traffic across the country and in other Ohio cities. US homes attracted an average of 6.3 visitors in June, half the number in February.

All eight Ohio markets tracked by ShowingTime also saw a decline in home traffic in June.

However, despite the decline, Ohio homes for sale continue to attract more traffic than homes nationwide. Cleveland, Akron and Toledo were one of the 25 most active markets in the United States in June, but Columbus wasn’t, according to Showing Time.

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Lane and other experts expect the market to continue to slow as high prices and soaring interest rates combine to make some potential buyers on the sidelines.

“It’s reasonable to expect that the display of activity will continue to ease, especially when compared to last year’s historical figures, following the surge in mortgage rates,” Lane said.

So far, the housing market in the Columbus region Overcame the stormPrices have risen nearly 14% in the first five months of 2022 (higher than 2020 or 2021), and homes are selling at record speeds.

Still, ShowingTime data is adding to the growing signs that the market is softening.

Home sales in the Columbus region have declined slightly in the first five months of the year compared to the same period last year. In addition, the number of unsold homes in central Ohio is skyrocketing. Last week, about 2,750 homes were listed in the Columbus region (without a contract), up from about 2,100 in the previous year.

In addition, despite the high prices, a record number of home retailers lowered their asking prices nationwide in June. Report from real estate service Redfin..

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@JimWeiker

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