Home buyer and real estate investor interest into the Housing Market SURGED during the pandemic in 2020-21. Data from Google Trends shows a large uptick in the searches of topics such as “Real Estate”, “House”, and “Zillow”.
However, over the last 4-6 months, Google Trends is showing a steep drop off in searches for these topics, suggesting that home buyers, particularly first-time home buyers, are on strike from the US Housing Market.
GOOGLE TRENDS: https://trends.google.com/trends/?geo=US
The decline in home buyer and real estate investor searching on Google corresponds with a big drop off in New Home Sales, which after peaking in July 2020, have been on a steady trend downward over the last six months.
The data for the “Zillow” search term is particularly instructive. There has been a 25-30% decline in searches for Zillow in recent months compared to the previous year. Interestingly, Zillow decided to shutter their homebuying program, Zillow Offers, around that same time. Did this data help drive that decision?
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0:00 Google Predicting a Housing Crash?
1:29 Search Results for “Real Estate”
2:21 Understanding Google Trends Data
3:16 YoY Looks EVEN WORSE. Adjusts for Seasonality!
4:21 “House” and “Zillow” also in the TANK
5:37 Strong Correlation with Home Sales
6:34 Future Window into the Housing Market
7:24 Zillow Offers Shutdown. What Did they KNOW?
8:55 66% Say BAD TIME TO BUY / Inflation Hurting Market
10:33 Why Haven’t Prices Declined Yet? Inventory So LOW!
10:51 Google Trends Data: LOOK IT UP!
13:37 What’s the Data in YOUR CITY?
14:31 Want More Data? Hit Join!
#GoogleTrends #HousingCrash #2022Crash