Don’t worry about a national housing slowdown: REALTORS® association
It’s true that the number of home sales across the country fell in November. But the National Association of REALTORS® says that this shouldn’t worry home sellers: The association, in a recent report, said that November’s drop should not be viewed as the start of a longer slowdown in home sales.
According to the association, the total sale of existing homes across the country fell 1.7 percent in November, falling to a seasonally adjusted annual rate of 5.35 million. But even with November’s fall, the sale of existing homes for the entire year is still up by 2.7 percent when compared to 2018.
Lawrence Yun, chief economist for the National Association of REALTORS®, said that he doesn’t expect a slowdown in home sales throughout 2020. He pointed to the strong national economy as one reason: If the national economy is still performing well, consumers should be confident enough to buy homes.
A bigger reason for November’s slowdown might be a lack of inventory. There aren’t as many homes for sale across the country as there have been in recent years. If inventory is low, it stands to reason that sales might be lower, too.
We’ve seen the same thing in the Chicago home market this November. Sales dipped, but inventory was low, too. That lack of inventory might be the main reason for the sales dip.
Another sign that the housing market across the country remains strong? The association reported that the median existing-home price for all housing types — including single-family homes, condominiums and townhouses — hit $271,300 in November. That’s up a solid 5.4 percent from a year earlier.
The takeaway here is clear: Yes, the number of home sales across the country did dip in November. But if you’re ready to sell your Chicago condo or single-family home, this is no reason to panic. There is still plenty of demand for homes. If you price your residence right and work with a REALTOR® to market the property, you’ll find buyers for your Chicago home.