Let's look at 2020 predictions home sales, home prices, new home construction, size of mortgage market, mortgage rates, and why these stats are a big deal.
Existing Home Sales
There's good news in existing home sales data for both sellers and buyers, but remember real estate is street level.
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A decline in existing home sales isn't a reason to freak out, even if you're selling.
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Rates hovering near 4.5%, and shomebuyers aren't having terms dictated to them by sellers for the first time in years.
Rates start February super low at 4.5%, lower existing home sales weigh on sellers.
Rates held 4.5% this year, but may rise this week. Meanwhile a buyers market is taking hold.
Putting existing U.S. home sales into perspective with a few charts.
Today's fundamentals: strong existing home sales, but previous month revised down 30k.
Last two months of existing home sales data are inconsistent because of new regs that hit in that timeframe, but year-over-year data suggests healthier housing market.
The "higher rates will not affect sales" story may look a bit weak today but Existing Home Sales have not taken a beating - just flattened.
Home supply starting to show some elasticity.
Drop in existing home sales due in part to smaller supply of foreclosed homes.
The effect of a return to supply elasticity should be to keep home prices flatter.
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