Foot traffic and future home sales have a strong correlation. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
Foot traffic in the area covered by the North Shore-Barrington Association REALTORS® (Chicago, IL) has been stronger each month in 2012 compared to the corresponding period in 2011 with traffic in November 17% stronger than a year earlier.
This consistent strength speaks to the impact of record mortgage rates, stable job growth, steady price growth and the buyer confidence that they are inspiring. This trend will help to draw down inventories and to sustain a price recovery.
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.