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February Market Update - 2019

by The Worrell Group

Market Update - 2019

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

Closed Sales were down 2.8 percent to 2,086. Pending Sales increased 10.6 percent to 2,786, and Inventory shrank 5.8 percent to 6,447.

Median Sales Price was up 3.8 percent to $173,900. Percent of Original List Price Received decreased 0.6 percent to 94.6%. Absorption Rate was down 4.5 percent to 2.1.

The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals.

January 2019 Market Update

by The Worrell Group

January 2019

Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.

Closed Sales were down 8.3 percent to 1,744. Pending Sales increased 17.1 percent to 2,595, and Inventory shrank 5.5 percent to 6,681.

Median Sales Price was up 7.5 percent to $169,900. Percent of Original List Price Received decreased 1.0 percent to 93.8%. Absorption Rate was down 4.3 percent to 2.2.

While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.

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The Randy Worrell Team
RE/MAX Legends Group
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Indianapolis IN 46250
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