Months after the coronavirus outbreak started, it appears that Americans have finally decided to continue their search for their forever homes, if Google searches data are to be considered.
As a consequence of the COVID-19 pandemic crisis, millions of Americans have chosen to put on hold their plan to purchase a home. However, a study by Lending Tree indicates that potential homebuyers are resuming their house-hunting activities, as several states start to ease lockdown measures.
In conducting the analysis, Lending Tree studied the potential homebuyers' interest, as shown in the volume of internet searches, which many would do using Google. Analyzed were Google search data to see how many internet users in 50 of the largest metros in the U.S. look up the term "homes for sale."
Google terms the search popularity as "search-interest values," which is rated on a scale of 0 - 100; 100 represents the popularity peak. And according to Lending Tree, each metro that was included in the study saw the search phrase "homes for sale" increased in popularity based on its 2020 lows.
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The term, the study furthered, also increase from March to April in all of the metros considered except for one metro. The average lowest search-interest value, as recorded in 2020 for the 50 metros, is 56. That average rose to 86 or 54 percent by the end of April.
The metros with the largest percentage of increase in the search interest from their lowest points in 2020 include Tucson, Arizona, Rochester, New York, and Jacksonville, Florida. Combined, these areas recorded an average rise of 126.57 percentage points, to up their values to 90 (Tucson), 81 (Rochester), and 100 (Jacksonville).
By the end of Apri 2020, Tucson saw its interest-value rising to 90 from its low of 34, increasing by 164.71 percentage points. Second ranking Rochester increased its search-interest value to 81 from a low of 37, rising by 118.92 percent. Jacksonville saw an uptick of interest value, rising from 51 to 100 or an increase of 96.08 percent from its lowest price in 2020.
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Meanwhile, Indianapolis; Louisville, Kentucky; and Nashville, Tennessee, were top-ranked for having the smallest search interest growth from their 2020 low point. Their combined average growth is 17.60 percent or a search-interest value of 63, 65, and 78, respectively.
Indianapolis, by the end of April 2020, has seen its interest-value rising to 63 from a low of 58 or an increase of 8.62 percent. Louisville's interest-value, on the other hand, rose by 20.37 percent, to 65 from a low of 54. Meanwhile, Nashville has seen a 23.81 percent increase; from a low of 63, it rose to 78.
As for the month-over-month growth, Tucson, New Orleans, and Miami saw the largest search growth, also from their lowest point this year, or a combined growth of 84.46 percent.
Lastly, Indianapolis, San Diego, and Buffalo, N.Y. registered the smallest increase in searches month-over-month (March to April). As mentioned earlier, Indianapolis is the only metro to see a decrease in search-interest value. Its month-over-month price fell 1.56 percent, down to 63 from 64.
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The data from this study came from Google Trends. The search-interest numbers or values refer to the search interest regarding the highest point for a given region and time. The value "!00" refers to the peak in popularity and "50" being half popular, while 0 means there is not enough data for the said term.
