Foot Traffic at Year High Numbers, and Other Healthy Statistics

Foot Traffic at Year High Numbers, and Other Healthy StatisticsSome analysts have dubbed our 2014 housing market as 'soft' - they reference the early part of our year with negative perspectives on the disappointing state of the weather, lack of inventory, less distressed sales, and more.

However, the current state of our housing news is more than compelling, and certainly indicate moving away from a 'soft' market into a highly fruitful one. Here is some data we collected from the KCM blog.

Foot Traffic is at Year High Numbers

Perhaps one of the most compelling statistics resides with the foot traffic on properties. Foot traffic is the number of people that are actually out and about, physically looking at properties. This has a strong connection with future contracts and sales, so we can use these statistics as a sign of sales to come within two to three months.

Most especially, the latest numbers indicate that there are currently more prospective purchasers looking at homes than at any other time in the last 12 months. This include the spring buyers' market!

Healthy Spring Home Buying Season - Best in 3 Years

This spring's housing market finished stronger than it has any time in the past 3 years, according to a recent report from Move, Inc. and chief economist for Jonathan Smoke:

This is the first time, since the beginning of the recovery that we expect to see positive momentum throughout the second half of the year. While seasonal patterns are emerging in July month-to-month comparisons, all other metrics point to fundamental market health and a build-up of momentum.

New Construction Increasing

MarketWatch reported that construction on U.S. Homes jumped an amazing 15.7% in July - the highest level in 8 months. Housing starts additionally climbed to an annual rate of 1.09 million last month, surpassing the 975,000 initially expected by MarketWatch.

Existing Home Sales are Up

The National Association of Realtors (NAR) announced in their Existing Home Sales Report that existing home sales not only increased in July, but increased to their highest pace of the year. This is despite the fact that distressed property sales fell down to 9%. Chief economist for NAR, Lawrence Yun, expanded:

 The number of houses for sale is higher than a year ago and tamer price increases are giving prospective buyers less hesitation about entering the market. More people are buying homes compared to earlier in the year and this trend should continue.

The Bottom Line?

Buyers are on the housing scene now more than any time during the year. The spring market finished stronger than it has in 3 years time. Home sales are at year long highs, and new construction is beating what was initially estimated.

In other words, the housing market is doing well - now is the time to get out there.

Questions on what these statistics mean for you? Don't hesitate to send us an email or give us a call!

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