I’d like to take the opportunity today to give you the full rundown of how our 2018 market fared.
There are five central data points that drive real estate: home sales, home price, months’ supply of inventory, mortgage rates, and affordability. I’ll take a deep dive into these stats on the national scale.
National home sales for 2018
- 5.3 million total homes sold
- Down from 2016 and 2017
- Matched the number for 2015
- Projected to fall slightly to 5.2 million in 2019
National home prices for 2018
- Finished with a year-over-year appreciation of 5%
- Anticipated to increase in 2019
- Increase is projected to be in the 1% to 5% range
National months’ supply of inventory for 2018
- Finished with four months’ worth of inventory
- Dating back to 2013, our seller’s market has persisted due to:
- Number of new construction homes remaining low
- Ever-increasing interest rates
- Homeowners staying put for longer
National mortgage rates for 2018
- Increased almost a full percentage point from early 2018 to year’s end
- Currently hovering at 4.5%
- Rates are still at historical lows
National affordability for 2018
- Finished slightly up, as compared to 2017’s market
- Since 1970, we still sit below average affordability index
What do these numbers bear out for the future of our real estate market?
All in all, the national housing market is relatively healthy and will remain stable in 2019—homes are selling well and interest rates have stayed fairly moderate.
As for those looking to buy in 2019, we aren’t going to see homes flying off the market nor will they appreciate to an astronomical extent. If your real estate goals for this year include making a home purchase, a golden opportunity awaits you.
If you’re interested in a conversation around what your options might be in any aspect of residential real estate, please give us a call. We look forward to having that conversation with you!