Home Showings Are Down: What Zillow's ShowingTime Data Says

What a drop in home showings tells us about buyer demand

Showings are one of the earliest signs of how many buyers are actually willing to walk through a door. According to Reventure Consulting, data from ShowingTime, a company owned by Zillow, shows that national showings through early October were about 8% below their level in the first week of the year. A year earlier, at the same point, they were about 18% above that benchmark.

That is a notable swing in buyer activity. The video's headline talks about a 30% fall, but the numbers it cites do not support that figure. The honest reading is a gap of roughly 26 percentage points between this year and last. For sellers, it means fewer eyes on listings heading into the slowest months. For buyers, it suggests less competition, though not automatically lower prices.

How the ShowingTime numbers work

ShowingTime tracks showing appointments that agents schedule for buyers. As Reventure explains it, the series is indexed to the first week of the year, and each later reading shows the percentage change above or below that starting point.

Two things follow from that design:

• Seasonality is built in. Showings normally climb through spring and summer and fade in the fall, so a decline after summer is expected.
• The comparison that matters is year over year. The question is whether this fall's fade is steeper than last fall's. The creator says it is.

An index anchored to early January is also a low bar. January is typically a slow month for housing, so finishing the autumn below it implies activity has dropped to winter-like levels earlier than usual.

Key figures cited in the video

These are the creator's reported figures. Readers who want to confirm them should check the original publishers, linked below.

Rates or prices? The debate behind the slowdown

The video frames a live argument: is demand weak because borrowing costs are high, or because prices have climbed too far? The Wall Street Journal, as cited by Reventure, reported the largest weekly jump in mortgage rates in four years. Reventure notes that a South Carolina agent described showings as having stopped entirely, which is an anecdote rather than a national measure.

Reventure Consulting leans toward prices. It points to a long-run chart of inflation-adjusted US home prices that, in its telling, stayed roughly flat from about 1890 to 2000 and now sits at a record high, above the mid-2000s peak. Seen that way, a 7% mortgage rate is unremarkable. The creator notes rates ran 8% to 9% in the 1990s and near 18% in the early 1980s.

That history is broadly accurate: Freddie Mac's survey series shows rates in the high teens around 1981. But context cuts both ways. Rates of 7% feel steep partly because buyers spent years anchored to far lower rates, and many current owners hold loans well below today's levels. That "lock-in" effect has limited the supply of existing homes for sale. For a deeper look at how bond markets feed into borrowing costs, see our piece on Treasury yields and mortgage rates.

Inventory is rebuilding, and sellers are competing

Reventure cites Realtor.com data showing about 1.1 million active listings in September, near pre-pandemic levels. More listings with fewer showings is the classic setup for slower sales and more price cuts. We have covered the same tension in Housing Market Buyer Demand: Are Sellers Really Giving Up?

The creator adds that builders are still adding new homes and townhomes, which compete directly with resale listings. Whether that holds nationally varies by metro; the video draws mainly on Nashville.

Nashville examples: list price versus what buyers can pay

Reventure walks through several listings near where he lives. They are anecdotes, not a market-wide sample, but they show how seller expectations and buyer budgets can diverge.

• A house bought in 2023 for $505,000 is now listed at $459,000, a paper loss of $46,000 before selling costs. The creator estimates fees and closing costs could push the real loss toward $70,000 to $80,000.
• A four-bedroom, 2,200-square-foot home is listed at $550,000 after a 2023 purchase at $580,000. It last sold in 2016 for $312,000, so even after the cut it is far above its price a decade ago. Zillow's estimate of the buyer's monthly payment is about $4,400, or more than $50,000 a year.
• A 2,500-square-foot home owned by a landlord is listed at $697,000. It rented for $2,900 a month a year earlier. The creator estimates the cost to own, including mortgage, taxes and insurance, at about $4,900 a month. His listing tool put a fair offer near $550,000, roughly 23% to 24% below the ask.

The rent-versus-buy gap in the last example is the most telling. A price that implies a $2,000 monthly premium over renting asks buyers to pay for appreciation they may not expect. Pressure like this is what sellers waiting for lower mortgage rates eventually run into.

What the creator recommends for negotiating

Reventure's central advice is that buyers should treat list price as a starting point in markets where forecasts point down. He describes price declines as gradual: perhaps one in three or one in four sellers cut first, and each cut nudges the clearing price lower.

His process for buyers, especially unrepresented ones:

1. Tour the home, then decide privately what you will pay. Avoid peppering the listing agent with questions or opinions during the visit.
2. Afterward, tell the agent you ran your numbers, that you would come in below list, and ask whether they still want an offer.
3. If they do, send a clear offer with a pre-approval letter, proof of funds for the down payment and closing costs, and a closing timeline. Skip lengthy explanations of comps.
4. Expect a rejection. Watch whether the seller counters, since that signals real willingness to sell.

He offers an example from his own Atlanta purchase: a home listed at $410,000 that previously sold for $490,000. He offered $315,000, received a $400,000 counter, declined, and bought it for $330,000 about three weeks later. He says he has also purchased at a $160,000 discount this year. The creator also promotes paid tools and a free handbook, so readers should treat those parts as marketing and judge the advice on its merits.

Limits and counterpoints

A fair reading needs some caution.

• One data series is not the whole market. Showings measure interest, not closed sales or price changes. A buyer may tour many homes before buying, and falling tours can also reflect buyers being more selective.
• The headline overshoots. The "30%" in the title is not matched by the cited figures. The 8% decline against January and the 18% gain a year earlier are the numbers to rely on.
• Local markets differ. Nashville examples, and a claim that values are falling across about half the country, do not describe every metro. Some regions with tight supply are still seeing firm prices.
• Aggressive offers carry risk. Offering 25% to 30% below list can work on stale, overpriced listings, but may be dismissed on homes that are priced correctly or drawing multiple bids. The creator's own fair-value estimate comes from a proprietary model, not an appraisal.
• Rate moves can reverse. A one-week surge does not set the direction for months.

What this means for you

If you are buying: Softer showing traffic usually gives buyers more time and more room to negotiate, especially on listings that have already sat for weeks or cut their price. Get pre-approved first, gather proof of funds, and use recent comparable sales rather than the asking price to set your number. Model your payment at today's rate, not a hoped-for lower one. If a purchase makes sense only with a rate cut, it may be too tight. Consider whether an adjustable loan or a rate buydown fits your plans, and compare costs carefully; our guide to adjustable-rate mortgages covers the trade-offs.

If you are selling: Pricing off what you paid, or what a neighbor got at the peak, is a common error. Look at what homes similar to yours have recently sold for, how many are competing near you, and what the monthly payment looks like to a buyer today. If your listing draws few showings in its first two weeks, that is a signal to reprice rather than wait for spring, because each month of carrying costs adds up. Presentation and flexibility on closing costs may help as much as a small cut.

If you are a homeowner who is not selling: Falling showings are not a signal to panic. Home values reflect closed sales over time, and owners with fixed-rate loans and manageable payments are generally insulated from short-term swings. Keep emergency savings in place and avoid tapping equity based on a peak valuation.

What to watch next

• Weekly mortgage rates. Freddie Mac's Primary Mortgage Market Survey is the standard benchmark. Compare it with any rate quoted in a video.
• Showings in coming weeks. A seasonal dip is normal; a gap that keeps widening versus last year would be more meaningful.
• Listings and price cuts. Realtor.com's monthly inventory data and the share of listings with reductions show whether sellers are adjusting.
• Pending sales. If showings fall and contracts follow, that would confirm weaker demand rather than pickier buyers.

For buyers and sellers alike, the safest approach into winter is to rely on local sales data, not national headlines, and to decide based on your own budget, timeline and risk tolerance. This article is general information, not personal financial advice; consider speaking with a licensed agent or mortgage professional.