It’s hard to believe that another year has already come and gone. Now that it has, it’s time for us to take a look back (and a look forward) at some developments in our real estate market. In today’s market update, we’ll be examining a few end-of-the-year statistics from 2018, and also delving into some predictions for what’s to come in 2019.
Let’s start with home prices. As of this November, prices were up by 5% year over year. We still haven’t reached where we were in 2016 and 2017, but this growth is still a positive sign for our market.
The number of listings, though, has dropped. There were 4,031 listings this November. Last year during that same month, there were 4,500.
Now that we’ve discussed some recent figures, let’s turn our attention to what’s on the horizon.
One major influence we can expect to impact our market in 2019 is that of rising interest rates. Hovering around 5%, rates are still historically low, yet the increase from what we were seeing in the not-so-distant past has been enough to discourage some buyers from making a move.
Of course, certain positive developments are also projected for the new year. As an example, the Fed has raised conforming loan limits. The new limit for FHA loans will soon be $314,827—an approximately $20,000 increase from the previous limit.
Conventional loan limits rose, as well—going from $453,100 to $484,300. This is great news for buyers and sellers alike.
In short, there are a number of changes on their way. The market may soon be shifting, so don’t delay in making a move if you’d like to buy or sell.
If you have any other questions or would like more information, feel free to give us a call or send us an email. We look forward to hearing from you soon.