Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Housing Snapshot - Pending Home Sales Jump Despite Lagging Inventory ☘ Hoey Team ☘ eXp Realty
Dated: January 2 2020
Pending home sales rose 1.2% in November 2019 after slipping the prior month, according to the National Association of REALTORS®’ latest housing report, which was released Monday. Year-over-year contract signings were up 7.4% nationally, according to the report.
November’s Pending Home Sales Index reached 108.5; an index of 100 is equal to the level of contract activity in 2001. The West region of the country reported the highest monthly growth in pending home sales at 5.5%, while the Midwest jumped 1%. The Northeast and South saw only minor adjustments in month-over-month contract activity.
“Despite the insufficient level of inventory, pending home contracts still increased in November,” said NAR Chief Economist Lawrence Yun, noting that housing inventory has been in decline for six straight months. “Favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”
At NAR’s first-ever Real Estate Forecast Summit earlier this month, housing economists predicted 2% GDP growth, a 3.7% unemployment rate, and a 3.8% average mortgage rate. “Sale prices continue to rise, but I am hopeful that we will see price appreciation slow in 2020,” Yun said at the event. “Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year.”
Here's the regional breakdown of November results:
- West: Pending home sales grew 5.5% and were up 14.0% from a year ago.
- Midwest: Pending home sales rose 1% and were 5% higher than a year ago.
- Northeast: Pending home sales slid 0.1% but were 2.6% higher than a year ago.
- South: Pending home sales decreased 0.2%, but were 7.7% higher than a year ago.
© National Association of REALTORS®
Article content from NAR REALTOR Magazine and from other sources.
If you have questions on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can address / answer your questions, and we are always available to help.
Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website. ☘
We hope that you find the information useful. If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team ☘ brokered by eXp Realty
“Please Share this and our informational website with anyone who you think the info will help.
Feel free to refer any family or friends; it is the greatest compliment that you can give to us; we really appreciate referrals from Past Customers, Friends and Fellow REALTORS, who we help in any way we can.
Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats. Thanks, Barry & Kim ☘”
"Your Real Estate Concierge" If you are looking for a REALTOR® or one-stop Real Estate Team who will fully communicate; promptly, professionally, and in detail with you, to efficiently help you wit....
Latest Blog Posts
A price increase of almost 20% year-to-year is unheard of – until now. Home prices hit record highs in 19 of the 20 cities included in monthly Case-Shiller reports.WASHINGTON (AP) ;
Today’s market isn’t like the boom-bust cycle leading up to the Great Recession: Tough loan standards are the norm, plus many factors have kept housing supply low.MCLEAN, Va. –
Hello,Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ hope that you and yours are doing good; wherever you are located at this time.Hot off the press