While many may have been surprised throughout the first half of 2019 when it comes to housing markets all across the United States, the second half may not come with the same surprise. The beginning of this year actually went quite the opposite of what the experts had predicted.
Many experts anticipated the mortgage rates going up, but they actually fell at the beginning of 2019. With this in mind, let’s look at some of the top housing and mortgage trends for the entire country including Mint Hill real estate.
Inventory Will Continue to Rise
For many years, it has been a market favoring the seller. Housing inventory has remained low putting sellers in the stronger position to negotiate.
However, more houses are starting to hit the market giving buyers a larger inventory to choose from. In fact, more than 1.8 million preowned homes were for sale in April 2019, which was up from last year by about 30,000 homes for April 2018.
While many anticipate the inventory numbers will continue to rise, experts also believe there will still be a shortage of homes for sale in the United States.
Prices will Climb
Home prices have been climbing for many years, but the pace has started to slow down for 2019. Some experts believe home price appreciation will continue to slow down. However, other experts think prices will continue to rise without much slowdown.
The higher prices make affordability a concern, which isn’t anything new. Homes will remain harder to afford for many first-time buyers, which has been a problem within the real estate industry for several years now.
Interest Rates Will Remain Low
The National Association of Realtors, Freddie Mac, and Fannie Mae all predicted mortgage rates would rise all throughout 2019. However, this hasn’t been the case and rates have actually dropped.
Expect more of the same for the second half of 2019. In fact, many believe the Federal Reserve will cut rates one more time before the end of 2019.
Along with these common trends, the real estate market in the United States can expect more of the same. Newer homes will continue to get bigger and more expensive, while the market continues to favor the sellers, but not quite as much as in the past.
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