On a domestic level, low mortgage rates had a real impact on the housing market. And, November data affirms the rates helped revive a general slow down. In fact, data for new home sales showed an uptick to the tune of 733,000, just in October. Now, that’s only one indicator. Other months in summer and fall 2019 also showed upticks in home sold. At the same time, a 2019 market trends general overview, in November points to an issue with inventory. Although, what might that be?
2019 Market Trends General Overview In November
As we have seen in previous months this year, home inventory has had its challenges. That includes existing homes. And, they are not in excess supply. As a result, the limits of new home production must be stretched. They must provide alternatives for home buyers. That is especially true in light of a significant demand for houses now.
Thankfully, a market trends general overview in November reveals that builders are busily at work. And, their goal is to add new stock more quickly. In fact, we can see that happening, with new home builds rising 3.8% for the month. As a result, that factor may point to a faster pace of actual home sales, even before 2020.
When it comes to new mortgage activity, it responds in kind to interest rates. For example, activity rose by 1.5%, week ending November 23. Also, refinancing activity rose recently by 4.2%.
Another interesting factor for loans points to 2020. In fact, the new conforming loan limits for 2020 were announced recently. And, they brought with them an increase of 5.38%. As a result, an average single-family limit rests as high as $510,400. Although, it goes as high as $765,500, for so-called “high-cost” areas. Now, comparing that to 20 years ago, you see a stark contrast. And around year 2000, the threshold was just $252,700. My how things have changed.
Would you like more details on the state of the market? Visit The Market Report. You can do the same for November San Mateo County market details. Although, when it comes to selling a home or condo, make sense out of the data. And, consult with an expert. In fact, consult with market and home selling expert, Carmen Miranda.