Economic Perspectives
A Review of Housing Statistics at the End of 2019
Authored by Brian Jones, FHLBNY Financial Economist
Highlights
December 11, 2019
Lower mortgage rates boosting home-purchase contract signings, closings will soon follow
Pickup in pending home sales in FHLBNY district since midyear hints at acceleration in local purchases
Declining mortgage rates have enhanced housing affordability across the nation
Higher prices continue to weigh on local affordability gauges
Stock of available dwellings remains near expansion low; home-building expansion subpar
Inventory problem particularly acute in FHLBNY area, with available homes below year-ago levels
Home-price performance has varied widely across the FHLBNY district
Home prices continue to move higher, although the pace of growth has slowed
Home-builder sentiment near pre-crisis highs, yet single-family permits have lagged far behind
Mortgage performance improving nationally and across most of the FHLBNY district
Interest rates on adjustable- and fixed-rate mortgage loans have fallen by over a percentage point from the highs set last November….
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