Andy Beal over at WebProNews points to a chart that the Bill Tancer at HitWise constructed that predicts an announcement that existing home sales dropped in July by the National Association of Realtors.
Tancer “superimposed the monthly data from the NAR on a Hitwise search term volume chart for the search query “homes for sale.”"
As you can see, it seems that there is some correlation between the two.
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Looking at the chart, I would have expected a bounce in August and my market hasn’t seen it as of yet. Overall though, I’m not surprised how the online activity leads the sales activity. Thanks for this post, it’s something that I think needs more tracking.
Hey Todd – Individual markets don’t always follow the path of national averages – that would explain your lack of bounce, I suppose. I would also like to see how accurate this theory is over a more extended time.