Weekly Special | January 26, 2019

2018 Ends Higher Despite Poor Finish

Homes sales in 2018 finished up 1.22% over the total posted in 2017, despite a major slowdown in the final two months of the year.

Home sales in November and December dropped 11.34% compared to November and December of 2017, mostly due to a significant rise in mortgage interest rates.

The total number of homes sold and recorded in the MLS makes 2018 the fifth-highest year on record, trailing the years 2003 through 2006 (we were 21 home sales short of tying 2003’s stake on fourth place).

What To Expect In 2019 There are valid arguments to support both a strengthening and weakening market, from too-low inventory levels to rising mortgage interest rates.

I suspect we will see a reduction in home sales this year, with the market cooling again in the latter half of the year. Many experts anticipate higher interest rates, so our current low rates will not likely last even to the Summer months.

The original one-page Weekly Special PDF is still available.