November 2019 Market Update
With the kids back in school and the weather cooling, the housing market begins its annual cool down as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move through the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
Closed Sales increased 0.5 percent for existing homes and 3.1 percent for new homes. Pending Sales increased 11.0 percent for existing homes and 4.1 percent for new homes. Inventory decreased 13.5 percent for existing homes and 6.8 percent for new homes. The Median Sales Price was up 7.0 percent to $200,000 for existing homes and 2.5 percent to $384,488 for new homes. Days on Market decreased 5.3 percent for existing homes but increased 4.4 percent for new homes. Supply decreased 12.0 percent for existing homes but increased 1.7 percent for new homes.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS