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 Memphis Area Association of REALTORS® was 8% stronger in May compared to the same time a year earlier. However, this year-over-year comparison was stronger, 18%, in April.
Foot remains robust in the area and record mortgage rates combined with steady employment growth should help to maintain interest in housing demand.
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.