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January 2020 Stats

Friday, January 31, 2020   /   by Christopher Barca

January 2020 Stats

For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new-home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.

New Listings decreased 4.9 percent for Single Family homes and 18.8 percent for Condominium homes. Pending Sales increased 1.9 percent for Single Family homes but decreased 1.9 percent for Condominium homes. Inventory decreased 9.9 percent for Single Family homes and 20.0 percent for Condominium homes.

Median Sales Price increased 7.2 percent to $782,438 for Single Family homes and 7.7 percent to $569,000 for Condominium homes. Days on Market increased 14.0 percent for Single Family homes but decreased 11.3 percent for Condominium homes. Months Supply of Inventory decreased 15.5 percent for Single Family homes and 16.3 percent for Condominium homes.

We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.


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