Homebuyer Traffic Is on the Rise

Dated: September 10 2020

Views: 6

Homebuyer Traffic Is on the Rise | MyKCM

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 Housing Market Is Showing a ‘V’ Type Recovery

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):Homebuyer Traffic Is on the Rise | MyKCMWe’re 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.”

Bottom Line

If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.

Blog author image

Alex Ortiz

I started my real estate journey in 2001 as an assistant and in 2004 earned my Real Estate Licence. Since then I have gone through my own buying and selling experience, became an entrepreneur in vario....

Latest Blog Posts

5 Tips for Homebuyers Who Want to Make a Competitive Offer

5 Tips for Homebuyers Who Want to Make a Competitive OfferToday’s real estate market has high buyer interest and low housing inventory. With so many buyers competing for a

Read More

Key Terms to Know in the Homebuying Process

Key Terms to Know in the Homebuying Process [INFOGRAPHIC]Some HighlightsBuying a home can be intimidating if you’re not familiar with the terms used throughout the process.To point you in the

Read More

Thank You for Your Support

Thank You for Your

Read More

Your House May Be High on the Buyer Wish List This Holiday Season

Your House May Be High on the Buyer Wish List This Holiday SeasonAround this time each year, many homeowners decide to wait until after the holidays to sell their houses. Similarly, others who

Read More