Real Estate News - December 2019
Happy holidays! It seems like just yesterday we were carving pumpkins, then turkeys, and now, well… snowmen? As the year winds down, we can take a look back at how the real estate market did in 2019, with a glimpse ahead at what 2020 may bring. Before you set up your tree and get ready to ring in the new year, consider:
Although typically during this time of year, the housing market nationwide experiences a seasonal slowdown, existing home sales are actually up 1.4% in the Midwest and southern regions. The north and west, meanwhile, saw a drop in sales. Likewise, new home sales recorded a gain of 1.5% in the Midwest and South, while other regions reported declines in month-over-month contract activity.
Throughout the year, the steadily improving economy has made for a robust real estate market. However, as the economy grew, housing prices rose rapidly across the country, leading to low supply. Also, thanks to higher short-and long-term interest rates, home prices rose and put homeownership out of reach for many Americans.
What this could mean if you are looking to buy: as a buyer, if trends continue, you might have your pick of homes.
What this could mean if you are looking to sell: the bidding wars and rapid price gains of previous years are slowing, but sellers can still expect strong demand, thanks to low supply nationwide and more millennials looking to buy their first home.
The new year will be here before you know it, so if you are thinking of entering the real estate market in 2020, talking to me should be your first step. I can help you hit the ground running and get a head start on a successful new year.