The Pending Home Sale Index was released by the National Association of Realtors [NAR], marking a 4.9% decline in December to 103.2. The PHSI is a forward-looking indicator targeting market health. The NAR announcement indicated that year-over-year contract signings increased 4.6%.
Considering the supply of homes (inventory) has continued to fall precipitously, such a decline is not without merit.
The continued availability of low mortgage rates, combined with a strong job and economic climate, continue to sustain this market.
According to many industry analysts, the combination of these factors will make for a strong real estate market for 2020.
Millennials are also moving into the market, with most regions recording higher average price sales.
The potential of the market overheating is not seen as problematic, with new home starts and sales projected to come in higher, between 6-10%.
f 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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