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 Zanesville Board of REALTORS® (OH) jumped 47% over the 12-month period ending in January of 2013. This same improvement in year-over-year foot traffic has grown consistently since August of 2012.
The sharp growth in foot traffic during January suggests that early spring home sales are likely to be stronger than last year. The strength of this trend speaks to the impact of record mortgage rates, stable job growth, and the buyer confidence that they are inspiring.
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.