Foot traffic can provide great insight into the direction 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 Neuse River Region Association of REALTORS® (NC) eased 5% in March compared to the same time a year earlier. This is the first decline in year-over-year growth since July of 2012 and followed two months of strong gains.
This month’s trend may reflect robust growth last spring which would leave traffic at a solid level.
To date, steady employment gains coupled with record mortgage rates are drawing potential buyers to open houses. However, employment growth hit a slow patch last month, which should improve through summer.
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.