What the February Homes Report Says About the Rest of 2019

    The February Homes Report is out, and we now have a better understanding as to what can be expected in the housing market for the rest of 2019. It can be helpful to know exactly how to interpret the recent activity in the housing market – especially if you are considering purchasing a home at some point this year.

    While the housing market can be somewhat unpredictable at times, housing experts are able to fairly accurately predict how the February Homes Report affects a variety of factors that influence overall home price and value, including mortgage rates, average sale price and more. The following is everything to know about the February Homes Report and what it means as we move forward in 2019.

    The Housing Market After February

    According to the National Association of Realtors, the number of home sales increased in February with existing-home sales increasing 11.8 percent from January – although the rate was down 1.8 percent from February 2018. The number of new-home sales also increased 4.9 percent from January.

    In other words, the housing market is very generous to those looking to sell their home, and it is beginning to become much easier to purchase a home at an affordable price. 2019 seems like the perfect opportunity to purchase or sell a home as the market seems to be stable with the time on the market down and the sale price becoming more predictable.

    A Balance Between Supply and Demand

    Although a rise in home sales can at times indicate the demand does not meet the supply – which could lead to competition for homes and increased sale prices overall – the rate of home sales in February is actually ideal. Think of homes sales in January as the Goldilocks of the housing market – it is not too high and not too low.

    The supply of homes for sale is at such a rate that buyers have plenty of options to choose from, and the competition for preferable homes is not so high that one must pay an outrageous price to win the bid. On the other hand, homeowners looking to sell their home can do so, knowing the average time on market is currently down from where it was just a month ago.  

    Affordable Prices for First Time Home Buyers

    The rate of home sale prices increased once again in February – although the rate of increase is starting to slow down. The average sale price for existing homes in February was $249,500, which indicates a 3.6 percent increase from the same point last year. The average sale price for new homes was $315,300, which is actually about four percent lower than last February.

    So what does this mean? This means that the price for homes is starting to be more consistent, and the market is much more predictable. While choosing a real estate agent to find a great deal may still be necessary, homebuyers can now buy a home at an affordable, more predictable price.

    EXIT Realty Bob Lamb & Associates is Murfreesboro’s most innovative real estate team.

    EXIT Realty Bob Lamb & Associates
    2630 Memorial Blvd, Murfreesboro, TN 37129

    (615) 896-5656

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