The housing forecast for the fourth quarter of 2018 remains the same. Lower inventories of new and resale properties on the market continue to under serve the wants and needs of home buyers. In other words, it’s still a “Sellers’ Market”.
As the housing demand increases, it generates higher and higher home prices, according to GordCollins.com. Recent data from the Association of Realtors suggest mortgage interest rates could rise as high as 5% by the end of 2019.
While you may think the falling numbers of home sales in recent years is due to a slow market, it’s actually the result of a shortage of available homes, not lack of qualified home buyers. The real estate market in this country continues to be strong and is backed by a booming economy and robust job market.