Real Estate News - February 2020

Somehow, it is already February! The days are still short and many of us haven’t seen the sun in who knows how long. However, the market got off to an encouraging start in 2020, giving us a bright spot to thaw some of that winter chill. As you look forward to Spring, here’s what you need to know about the state of the market heading into February 2020:

Buying conditions are expected to be favorable as 2020 kicks into gear, as 2019 ended on a positive economic note, with unemployment and interest rates at historically low levels. If these factors maintain, experts foresee 2020 being a great year for housing.

Nationwide, by the numbers:

West

Existing-home sales in the West rose 4.6% to an annual rate of 1.14 million, a 10.7% increase from a year ago. The median price in the West was $411,800, up 8.1% from December 2018.

Mid-West

Existing-home sales decreased 1.5% in the Midwest to an annual rate of 1.30 million, which is up 9.2% from a year ago. The median price in the Midwest was $208,500, a 9.2% jump from last December.

South

Existing-home sales in the South grew 5.4% to an annual rate of 2.36 million in December, up 12.4% from a year ago. The median price in the South was $240,500, a 6.7% increase from this time last year.

Northeast

December 2019 existing-home sales in the Northeast grew 5.7% to an annual rate of 740,000, up 8.8% from a year ago. The median price in the Northeast was $304,400, up 7.4% from December 2018.

As the housing market for 2020 is expected to be a good one, don’t delay if you have an eye for buying or selling a home this year! Contact me today to see how I can help you take advantage of these positive and encouraging conditions.

Sincerely,
Kristi Weinstock
Coldwell Banker Burnet
Phone: 612-309-8332
Email: kdweinstock@cbburnet.com