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 Marshalltown Board of REALTORS® (IA) rose 2% over the 12-month period ending in July of 2013. This increase in year-over-year traffic was the 4th consecutive, but marked a steady decline from the heady spring levels. The decline was exacerbated by the sharp increase in traffic last July.
The sharp rise in mortgage rates is not likely to have a significant impact in this market as home prices are relatively low. Employment growth would have a more meaningful impact.
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.