Continued lack of inventory for sale and dramatic mortgage interest rate increases toward the end of 2018 slowed the pace of existing home sales heading into last year. Economic conditions and geopolitical events sent interest rates back down, giving a late year push to home sales activity. Industry experts predict interest rates will remain favorable and sales will remain strong; however, limited inventory is expected to remain a challenge for home buyers in 2020.
This graph illustrates the year-over-year shift in existing sales:
How does your home’s value and equity position compare to the national averages? If you’re renting, is it time to consider buying a home?
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Sources: National Association of Realtors®, CoreLogic, Zumper
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