Real Estate News - January 2020
Happy new year! We’ve made it through an interesting year and are gearing up for an eventful 2020. This is an EXCITING time, full of promise and hope and resolutions. As you celebrate the beginning of a new year, here’s what you need to know about how we closed out 2019:
In its final meeting of the year, the Federal Reserve voted to leave its key benchmark rate unchanged, which was expected. The Fed also suggested that rate changes are unlikely in the coming months. While the rate decisions by the Federal Reserve do not directly affect mortgage rates, Federal Reserve policy does affect the economic markets overall. While mortgage rates have trended up slightly in recent weeks, they remain nearly one percent lower than a year ago.
Fed Chair Jerome Powell was upbeat on the economy going forward saying, "with a strong household sector and supportive monetary and financial conditions, we expect moderate growth to continue.”
In November 2019, pending home sales were up 7.4% year-over-year. While home sales declined in the past month from the previous month, it’s happening during a favorable job market and positive economic conditions, and still remain ahead of a year ago.
The beginning of a new year is always a great time to make a plan to meet your real estate goals. If you’ve been thinking about buying or selling a home in 2020, talk to me first to get off on the right foot!
Coldwell Banker Burnet