2018 is Out the Window: Here’s the Recap
The Massachusetts Association of Realtors announced the year end closed sales data for 2018.
The MAR released their year end closed data on January 23, 2019 for 2018. Here is a quick summary:
Closed sales for both single-family homes and condominiums dropped year-over-year from last December. There was a small drop in median price for single-family homes and condominiums compared to this time last year and the month also saw the lowest number of single-family homes for sale in the month of December since MAR began reporting the data in 2004.
Year-end data for 2018 shows that total closed sales have had a two percent decrease for both single-family homes and condominiums. The year also saw an increase in average median prices for both single-family homes and condominiums compared to 2017. Without an increase in inventory in 2019, closed sale decreases and median price increases are trends that will likely continue.
In the report, the MAR president said the following about mortgage interest rates.
In all of my previous blog posts, all indicators show that interest rates will remain low. The did spike up at the end of 2018 and were blamed for some of the sales. You can read the blog post titled “Existing-Home Sales Plunge 6.4%, Mortgage Rates Blamed” here
Regarding rates and the market, Fannie Mae indicates that there will probably only be one interest rate increases in 2019. Here is the article titled “Fannie Mae: Housing market will stabilize in 2019”