Buyer Traffic in Chicago Down Substantially From Last Year

by Peter Thomas Ricci

Anyone can observe that buyer traffic is down from last year, but a new report tacks a number to that decline – and it’s a big one.

We’re hardly the first publication to point out that buyer traffic has decreased from 2013 to 2014, and that for numerous reasons – higher mortgage rates and rising home prices chief among them – consumer interest in housing has waned.

However, thanks to a new survey from Credit Suisse, we can now apply a numerical dimension to that decline in buyer traffic, and unfortunately, it’s a mighty big number.

Buyer Traffic Fell by How Much?

According to the Buyer Traffic Index, a component of Credit Suisse’s Monthly Survey of Real Estate Agents, buyer traffic in Chicago’s housing market has fallen by 57 percent from June 2013 to June 2014; that’s 10 percentage points higher than the national average, a still-whopping 47 percent.

So, how does that 57 percent decline compare with other metro areas? Take a look at our graph below to find out:

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