A brief excerpt:
The following data is courtesy of David Arbit, Director of Research at the Minneapolis Area REALTORS® and NorthstarMLS (posted with permission). Here is a link to their data.
This graph shows the 7-day average showings for the Twin Cities area for 2019, 2020, 2021, and 2022. The 7-day average showings (red) are currently off 22% from 2019.
…Click on graph for larger image.
In the existing home sales report for July released yesterday, closed sales, not seasonally adjusted (NSA) were down 22.4% year-over-year. July sales were mostly for contracts signed in May and June. May showings were only down about 13% year-over-year.
This slowdown in showings suggests further declines in closed sales in August – since August sales will be mostly for contracts signed in June and July when showings were down sharply. This early data for August might suggest that September closed sales will see a similar year-over-year decline as in August.
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