The fall housing market is strong according to RE/MAX's October National Housing Report. RE/MAX Holdings CEO Adam Contos said, "October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago." The report also said October became the fourth month of the past six to post a year-over-year increase in sales.
REAL ESTATE RECOVERY
U.S. home prices have rebounded from the depths of the housing crash and Great Recession. In the October MarketPulse, CoreLogic Chief Economist Dr. Frank Nothaft says prices have increased 59% since January of 2011, translating to a $101,000 average equity gain per homeowner during the same time.
UP & DOWN
Mortgage interest rates trended upward last week, but remain over a full percent lower than they were a year ago. Additionally, mortgage applications jumped 15% despite slightly higher rates according to Freddie Mac's Primary Mortgage Market Survey for the week ending November 14.
Pundits, data providers, and various industry analysts have begun speculating on what 2020 will bring. Government-sponsored enterprise Freddie Mac has an upbeat take on what to expect in the coming year. Noting housing's important role in the U.S. economy, Freddie Mac analysts said, "…the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year."
Sources: RE/MAX Holdings, CoreLogic, Freddie MacShare:
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