For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to the market to help ease shortages and slow price gains in that segment.
New Listings increased 20.9 percent for Single Family homes but decreased 2.9 percent for Townhouse-Condo homes. Pending Sales increased 20.7 percent for Single Family homes and 10.6 percent for Townhouse-Condo homes. Inventory increased 2.5 percent for Single Family homes and 26.1 percent for Townhouse-Condo Homes.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming Spring Market.
