Internet searches for real estate for sale in the first quarter increased by 32% compared to the same time last year, according to Experian's first quarterly Insight Index, which monitors online search trends.
‘Search volume of terms related to an economic indicator can help us predict future market trends and movement,’ says Bill Tancer, general manager of global research for Experian Hitwise, the Experian subsidiary that researched the search data. ‘The uptick in 'home for sale' searches indicates a refreshed interest on the part of consumers to enter, or move within, the real estate market.’
Searches for "mortgages" grew 43% year over year, while searches for "credit cards" and "loans" grew 70% and 11%, respectively.
Experian Hitwise's analysis shows that even more growth was witnessed in searches around the rental market, with "houses/homes for rent" searches increasing 171% from the first quarter of 2009.
"Cheap homes for rent" searches jumped by 128%, and "house for rent by owner" searches grew by 95%.
Experian Hitwise notes that the fastest-growing "real estate for sale" search terms over the last years were for sales in Florida (73% year-over-year increase) and Michigan (74% increase).
SOURCE: Experian Hitwise