The 2019 real estate market is not going to be a rehash of the frenzied buying that we had seen in 2018, with bidding wars and sellers receiving the full listing price.
In some cases, on a year-to-year basis, there will be some modification, even some weakness in the average and median prices for homes, but as the rental market continues to increase and the average rent rising by 2-3%, renters will be pushed into pulling the trigger, changing camps from renter to owner.
Nationally, single-family rents have increased by 2.9% year-over-year from February 2018 to 2019, according to the CoreLogic Single-Family Rental Index. The index measures rent changes among single-family rental homes, including condominiums.
The rise in single-family rents has continued unabated from 2010. The trend over the last 12 months has ranged between 2.7% and 3.1%.
According to the National Association of Realtors, pending home sales increased 3.8% year-to-year in March as mortgage rates fell, bringing buyers back into the market.
Transactions in the Northeast did far better than in the Midwest, South and West, which fell 5%, increased 0.7% and fell 1.6%, respectively, year-to-year.
One good indicator for the real estate market is the rise in mortgage applications.
CoreLogic’s national rent index was up 36% in December 2018 compared with December 2005.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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