Homebuyer Traffic Is on the Rise

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 Economistof theNational Association of Realtors(NAR), is now forecasting thatmore homeswill sell this year than last year. He’s also predicting home sales toincreaseby 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, justreportedon their latestthe 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 ShowingTimealsoindicatesthe 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):We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell,President and CEOofCoreLogic, who recentlynoted: “On an aggregated level, the housing economy remainsrock soliddespite the shock and awe of the pandemic.” Bottom Line If you’re thinking about selling your house, Call Debbie Brassel RE/MAX at 602-309-9990, this may be a great time to get the best price and the most favorable terms. www.phxhomesforsale.com « The Latest Unemployment Rate Fell to 8.4%