Considering buying a new home in 2019? The US economy is predicted to grow 3 to 5% (now 4.2%), and with house construction intact, and employment strong, and US wages rising, we’ll see more Americans buying a home. For many happy people, it will be their first home.
As you may have read in the full US housing market report, there is uncertainty, but that doubt can’t hold back persistent demand, rising home prices and a strong US economy. See the supporting stats below from NAR, Zillow, Tradingeconomics, FreddieMac, Forbes, Forisk, and more.
Most experts predict a flat housing market or a buyer’s market for 2019 and 2020. With strong growth in home construction, this might make it the best time to buy a house and a good time to sell your home. If mortgage rates grow a little, you should be considering buying in 2019. Cities with the most construction include Dallas, Houston, and Austin, reflecting Texas real estate market’s strong recovery.
Millennials Aim to Buy a Home
looking back at the real estate market trends throughout this year, millennials are actually interested in homeownership and are buying more homes than you think! More US Millennials, that big demographic group, are into their home buying years, with more funds, hungry for their first purchase and that will ensure you have lots of competition. Millennial demand could make 2019 the best year to sell your home.
Prices Will Continue Rise
According to new data released by NAR, home prices are still rising although a lack of listings are suppressing sales. It’s been 35 straight months of declines in homes for sale. And with US businesses getting a huge sales boost in their own country and with fewer imported products, Americans will enjoy low unemployment, higher wages and more access to home financing. It’s all positive and optimistic for a strong housing market and perhaps the best time to buy a house.
Overall, the US housing market is stable and optimistic — backed by a strong economic forecast.