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 Elmira Corning Regional Board of REALTORS® (NY) rose 15% over the 12-month period ending in April of 2013. This increase in year-over-year traffic was the 9th consecutive.
Low local home prices and record mortgage rates have combined to boost buyer confidence. However, the local job market has softened with renewed layoffs in recent months which could begin to weigh on the heady local housing 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.