Last year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row.
To many, the outlook heading into 2019 appeared dim… at best.
Then, in a 24-hour window a couple weeks ago, things seemed to change. The (NAR) revealed in their that home sales had for the second consecutive month. The next day, NAR’s economic research team that the percentage of first-time buyers in the market was higher than last month and even higher than a year ago.
You only needed to wait a few hours to find out. On the heels of NAR’s revelations, released their that explained:
Ending 2018, we now know two things:
- Listing inventory increased over the last three months
- Home sales increased over the last two months
A couple weeks ago (the day after all of the above news), that mortgage rates did not increase but instead decreased…again. From their release:
Will 2019 start out better than many have predicted? Perhaps, but we’ll have to wait and see. Things do look much better today, though, than they did just a month ago.