Foot traffic can give a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
Despite the oil-driven economic boom in North Dakota, sales and foot traffic fell off sharply in Minot after the extensive flooding in the summer of 2011. Buyer interest has rebounded though, as evidenced by local foot traffic, which was up 88% in December relative to a year earlier.
Since July, foot traffic each month has been 40% stronger compared to the same month a year earlier. Record mortgage rates coupled with stabilizing prices and resilient employment is helping to drive this trend.
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.