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 Three Rivers Association of REALTORS® (Joliet, IL) has been consistently stronger than the prior year in each of the last 13 months. The year-over-year increase in foot traffic eased modestly from January to February as strong improvements last year compressed near term growth.
Regardless, traffic is robust and will likely result in strong sales later this year spring. Record mortgage rates coupled with stabilizing prices and steadily growing 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.