The infamous groundhog – Pennsylvania’s Punxsutawney Phil – may not only have the power to predict how many more weeks are left to winter but also the ability to predict the start to housing’s busiest time of year.
Phil didn’t see his shadow on Tuesday’s Groundhog Day, which, if superstition holds true, means that winter will be shorter this year, with a warmer February across the country.
If the groundhog is correct, Jonathan Smoke, realtor.com®’s chief economist, says, that could spark an early start to the spring homebuying season.
“When the housing market is strong like it is now, and Phil doesn’t see his shadow, February sees an average 11 percent year-over-year increase in existing-home sales,” Smoke continues. “Thanks to Punxsutawney Phil, we know that the spring housing market starts early this year — and buyers and sellers had better be ready.”
Source: “Guess What? Spring Home Buying Starts Now (Thanks, Punxsutawney Phil!)” realtor.com® (Feb. 2, 2016)