Foot traffic can give a strong indication 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 Elmira Corning Regional Board of REALTORS® (NY) has steadily improved over the last six months. In January, foot traffic was 40% higher than at the same time in 2012.
January was the 6th consecutive month of year-over-year gains in foot traffic suggesting that home sales are likely to follow suit through the early spring with robust gains. 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.