Friday, February 7, 2020

2019 Local Real Estate Market Pulse

On a full-year basis, the local real estate market followed the national total existing-home sales which ended at 5.34 million in 2019, the same level as in 2018. Lawrence Yun, NAR’s chief economist, said home sales fluctuated a great deal last year. “I view 2019 as a neutral year for housing in terms of sales,” Yun said. “Home sellers are positioned well, but prospective buyers aren’t as fortunate. Low inventory remains a problem, with first-time buyers affected the most.” Which means if you are a home owner considering selling your home in the next several years, listing now could bring you a greater and quicker return then if you wait.

Yun said conditions for buying are favorable and will likely continue in 2020. “We saw the year come to a close with the economy churning out 2.3 million jobs, mortgage rates below 4% and housing starts ramp up to 1.6 million on an annual basis. If these factors are sustained in 2020, we will see a notable pickup in home sales in 2020.”

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