Homebuyer Traffic in March Was Down From Last Year

Posted: April 9, 2014 in California Real Estate News, National Real Estate News

What would you do if you went to a store and found bare shelves and high prices? If the answer is come back later, then you have a good idea of how home shoppers are feeling as real estate heads into the important spring selling season.

In March, the traffic of potential home buyers was down a little more than a third from March of last year, according to a monthly survey of real estate agents by Credit Suisse. The survey tracks 40 big U.S. home markets, and traffic was down in two thirds of those cities.

That was well below what real-estate agents were hoping for and suggests there could be a dark cloud over real-estate sales in the coming months. Credit Suisse said comments from real-estate agents included that sellers were backing out of listings, buyers are frustrated by the lack of homes for sale, and that the strongest segment remains luxury new homes.

Of course, some markets remain hot, such as most of Texas: Austin, Dallas, Houston and San Antonio had strong traffic and pricing.

The buyer slowdown has been worst in markets that might be described as boomerang cities: Places like Phoenix, Las Vegas and Riverside, Calif., where home prices were crushed during the recession but have snapped back as much as 20% over the past year, according to CoreLogic.

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