The MLS™/CLAW Areas wrapped up 2019’s 4th Quarter with a jump in sales and median price for Single Family Homes. The median price increased by 9.8% and sales volume increased by 22% year-over-year from Q4 2018. While the median price for condos remained more or less the same, sales volume increased by 10.5% year-over-year from Q4 2018. The housing market heated up during the fourth quarter most likely due to low interest rates and a strong job market. The Federal Reserve cut interest rates three times last year, reversing all of 2018’s rate increases.
According to Doug Duncan, Fannie Mae’s chief economist, “Residential fixed investment is likely to benefit from ongoing strength in the labor markets and consumer spending, in addition to the low interest rate environment. Risks to growth have lessened of late, as a ’Phase One’ U.S.-China trade deal appears to be in place and global growth seems likely to reverse course and accelerate in 2020.”
Stay tuned for the full 2019 4th quarter breakdown by area.