House of the Year 2019; Low mortgage rates and more housing news…
Homebuyers have come out of hibernation early
The average sale price for luxury homes nationwide climbed 1.6% year over year to $1.63 million in the fourth quarter of 2019, a rebound that marks the largest gain since the third quarter of 2018. Still, while this increase represents an improvement from the 4% drop in the first quarter of 2019, it hasn’t yet returned to the outsized growth of recent years.
“Demand for luxury is improving. That’s showing up primarily in an increase in sales right now, but it’s also putting some slight upward pressure on prices,” said Redfin chief economist Daryl Fairweather. “We’re ending the year in a much better position than we started, which is a good sign for 2020. I expect price growth to return to at least 3% to 5% by spring.
Could the following global events push rates down even further?
Many of us forecasters have been expecting interest rates to rise, but we’ll have to wait another year for that to happen. The key issue is economic growth strong enough to push inflation up, or at least to make the Federal Reserve worry about inflation rising. The latest economic data have dashed hopes for strong economic growth in 2020.
On a seasonally adjusted basis, the index grows to the highest level since May 2013
Lending Tree reported that single women own more than 1.5 million more homes than single men in America’s 50 largest metros.
In total, single women own about 5.1 million homes, compared to the 3.5 million homes owned by men.
The report also states that there is not a single metro in the U.S. where single men own more homes than single women. The average difference between the share of homes and single men is 3.9%.
Construction industry adds more than 40K jobs during the month
For the second consecutive year, a home from Hawaii scored the top spot in WSJ.com’s House of the Year poll. Each year, our readers choose from among the 52 House of the Week winners to determine which home is the best of the best. In 2019, 133,631 votes were cast in the poll.
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