Foot traffic provides a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
Foot traffic in the area covered by the Coronado Association of REALTORS® (San Diego, CA) over the summer fell well below levels from the same time in 2011 and was down 40% over the 12-month period ending in September. This trend has been persistent since the late spring as the lack of inventory has reduced the number of possible showings.
A large number of underwater owners as well as little construction in recent years have capped available supply. This pattern will ease as prices appreciate, unlocking underwater owners to sell and move.
Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.