Real Estate News - November 2019
We’ve made it past Spooktober and are well on our way into Fall! The season brings football, pumpkin spice, and thick sweaters. In fact, the housing market could use a layer or two as well, because the seasonal cool-down around this time of year has begun. Before you begin writing down your grocery list for your Thanksgiving feast, here’s what you need to know for the current state of the housing market:
Existing home sales are down nationwide by 2.2%. This drop was preceded by two consecutive months of growth, with the market in the Midwest region taking the brunt of the losses. Interest rates continue to hold at historically low levels, making it easier for buyers to qualify for a mortgage, but low inventory kept prices high and new homes out of reach for many. Economists blame the drop on an increase in housing prices due to limited inventory and call for new construction to prevent further decline.
However, despite the decline, sales increased 3.19% compared to this time last year. Prices rose in all regions 5.9%, marking 91 straight months of year-over-year gains.
The fourth quarter is never a bad time to get started building a plan to buy or sell a home. There is much less competition on the market and buyers who are looking now are very serious! It is also a great time to start planning and getting ready for a successful spring real estate season. Call me to discuss your options!