Foot traffic can provide great insight into the direction 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) has been falling relative to the same time last year since March of 2012, despite record mortgage rates and employment growth. This trend reflects tight inventories which limit the ability to view properties and hold back foot traffic.
However, tight inventories help to drive the price recovery which will bring more homes to the market in time.
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.