January 2019 Housing Report

“The stock market had its worst year since 2008. Consumers set spending records over the holidays. The Fed wants to raise interest rates and the president is putting pressure on them to keep them low. It’s an interesting time in real estate,” reports Leading Edge CEO, Linda O’Koniewski. “Housing inventory remains painfully low, but is slowly on the rise. We see a chill in appreciating home prices. Formerly fatigued buyers are ready to get back into the game, and, why not? We’re seeing fewer multiple offer situations and inspections have made a come back. We’re still in a seller’s market. Buyers now have more buying power, and if interest rates remain within the 5% range, I expect to see the pent up buyer demand come out in full force this spring.”

December sales of single-family homes in the Leading Edge service area decreased -7.7% year-over-year.  Inventory is up +6.9%.  The number of days on market over the last 12 months is down -10.8% while median sale prices remain up +6% at $620,000.