Foot traffic and future home sales have a strong correlation. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
Other than a sharp 31% increase in the 12-month change of foot traffic during August, foot traffic has been flat or modestly stronger through most of 2012 in the area covered by the Clatsop Association of REALTORS® MLS, Inc. (Gearhart, OR).
The 12-month difference in foot traffic for this coastal town eased slightly in September and is roughly what it was in September of 2011. Low mortgage rates and modest price appreciation is drawing more potential buyers into the market as confidence grows.
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.