Foot traffic provides a strong indication of future home sales. SentriLock, LLC. provides NAR Research with monthly data on the number of showings.
Foot traffic during January in the area covered by the Central West Tennessee Association of REALTORS® (Jackson, TN) outpaced the level of foot traffic from a year ago. January traffic was 9% stronger than 12-months earlier and exactly offset the 9% decline experienced during the 12-month period ending in December.
January’s reading snaps a six-month trend of declining year-over-year foot traffic. Sub-3.5% mortgage rates, price growth, and steadily improving job creation are breathing confidence back into the market.
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.