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Demand for Home Ownership Continues
The National Association of Realtors’ Pending Home Sales report was recently released showing that signed contracts on single-family homes, co-ops and condos were up by 4.4% from October 2018 to October 2019. Month-over-month sales were down slightly by 1.7% due to tight inventory levels, but this was a very good report overall, showcasing the health and resiliency of the housing market.
Speaking of tight inventory and continued demand, we see home prices continuing to rise. The Federal Housing Finance Agency released their monthly House Price Index for the month of September, and it showed that homes increased nationally in price by 0.2. Annually, homes increased by 5.1% which was a large 0.5% increase from their last report. This report analyzes only homes that were purchased with mortgages with conforming loan limits.
With tight inventory levels and buyers continuing to come to market, it is clear that the housing market is very healthy and still very attractive to those out shopping for a house.
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