Let’s go over A recent report from ShowingTime that is reporting that homebuyer traffic is on the rise.
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
- The Northeast was up 76.6%
- The West was up 56.7%
- The Midwest was up 52.1%
- The South was up 46.7%
The report doesn’t give data on individual states but it still shows you how active the real estate market is for potential homebuyers in each region.
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):
The Housing Market Is Showing a ‘V’ Type Recovery
As you can see the significant drop in buyer traffic starting in March going to as low as negative -51.8% in the northeast in April with the strong recovery that followed. Now we are way ahead of where we were at this time last year.
This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
So, if you are thinking about selling your house, this may be a great time to get the best price and the most favorable terms since homebuyer traffic is up. Let’s talk today about you real estate goals.
I am committed to the real estate market to make sure you have all the information you need to make your next move. Make sure to check out all the resources I have to put together for you on my website and if you have any real estate questions or even just want to meetup for a quick coffee, reach out to me anytime. I look forward to hearing from you. Have a great day.