January 2020
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 market to help ease shortages and slow price gains in that
segment.
New Listings were up 1.8 percent to 1,477. Pending Sales increased 17.4 percent to
1,208, the seventh consecutive month of year-over-year gains. Inventory grew 5.5
percent to 3,009 units.
Prices moved higher as Median Sales Price was up 4.2 percent to $172,000. Days
on Market held steady at 63. Months Supply of Inventory remained flat at 2.5,
indicating a stabilizing supply-demand balance.
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.
Information courtesy of CMLS*
