The housing market grew from the economy across most of the US.
With the stock market reaching a new high, it improved the assets of many Americans. With a strong economy and low mortgage rates, buyer activity was extremely strong.
Pending sales increased 1.4%, finishing 2019 at 59,998. Closed sales were up 0.8% to end the year at 59,843.
When you compare 2019 and 2018, the number of homes available was lower by 19.6%. There were 7,431 active listings at the end of 2019. New listings increased by 0.2% to finish the year at 76,345.
The foreclosure market continues to remain a small player in the overall market and is likely to remain that way in 2020. In 2019, the percentage of closed sales that were either foreclosure or short sale decreased by 33.1% to end the ear at 1.9% of the market.
Interested buyers did not slow down and total showing activity peaked in May 2019. There were 1,262,597 total showings, culminating in 14 showings before pending.
Home prices were up compared to last year. The overall median sale price increased 5.7% to $280,000 for the year. Single family detached home prices were up 6.5%, and Townhouse-Condo home prices were up 8.5%.
List Price Received
Sellers received an average of 98.8% of their original list price at sale, a year-over-year reduction of 0.1%.
The tight inventory in some areas will cause a constraint on buyers, high inventory in some areas will improve buyers choices. Looking at 2020, we see that there will be a continuation of low mortgage rates and a healthy economy.