{"id":2735,"date":"2018-12-27T11:00:11","date_gmt":"2018-12-27T11:00:11","guid":{"rendered":"https:\/\/thezakariagroup.com\/24-hours-that-suddenly-improved-the-market\/"},"modified":"2018-12-27T11:00:11","modified_gmt":"2018-12-27T11:00:11","slug":"24-hours-that-suddenly-improved-the-market","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/24-hours-that-suddenly-improved-the-market\/","title":{"rendered":"24 Hours that Suddenly Improved the Market"},"content":{"rendered":"
\n

\"24<\/p>\n

This year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row.<\/span><\/p>\n

To many, the outlook heading into 2019 appeared dim\u2026 at best.<\/p>\n

Then, in a 24-hour window last week, things seemed to change. On Wednesday, the\u00a0National Association of Realtors\u2019<\/em>\u00a0(NAR) revealed in their\u00a0<\/em>Existing Homes Sales Report<\/a><\/em> that home sales had INCREASED<\/strong> for the second consecutive month. The next day, NAR\u2019s economic research team announced\u00a0<\/a>that the percentage of first-time buyers in the market was higher than last month and even higher than a year ago.<\/p>\n

What happened to turn around the downward momentum in the market?\u00a0<\/strong><\/h4>\n

You only needed to wait a few hours to find out. On the heels of NAR\u2019s revelations,\u00a0Zillow<\/em>\u00a0released their\u00a0November Real Estate Market Report\u00a0<\/a><\/em>that explained:<\/p>\n

\n

\u201cAfter nearly four years of annual declines in inventory, the number of homes for sale has now increased year-over-year for three straight months\u2026\u201d<\/em><\/p>\n<\/blockquote>\n

Ending 2018, we now know two things:<\/p>\n

    \n
  1. Listing inventory increased over the last three months<\/li>\n
  2. Home sales increased over the last two months<\/li>\n<\/ol>\n

    Maybe a lack of inventory was the major challenge all along.<\/em><\/p>\n

    But, what about those pesky interest rates?<\/strong><\/h4>\n

    Last Thursday (the day after all of the above news),\u00a0Freddie Mac<\/em>\u00a0announced<\/a> that mortgage rates did not increase but instead decreased\u2026again. From their release:<\/p>\n

    \n

    \u201cThe response to the recent decline in mortgage rates is already being felt in the housing market. After declining for six consecutive months, existing home sales finally rose in October and November and are essentially at the same level as during the summer months. <\/em><\/p>\n

    This modest rebound in sales indicates that homebuyers are very sensitive to mortgage rate changes \u2013 and given the further drop in rates we\u2019ve seen this month, we expect to see a modest rebound in home sales as well.\u201d<\/em><\/p>\n<\/blockquote>\n

    Bottom Line<\/strong><\/h3>\n

    Will 2019 start out better than many have predicted? Perhaps, but we\u2019ll have to wait and see. Things do look much better today, though, than they did just a month ago.<\/p>\n<\/div>\n

    Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

    This year started strong for real estate, but then the market began to soften. Home inventory in the starter and move-up categories dwindled to almost nothing, mortgage rates were projected to rise, and home sales had decreased for several months in a row. To many, the outlook heading into 2019 appeared dim\u2026 at best. Then, […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,100,102,104],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\n24 Hours that Suddenly Improved the Market - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/24-hours-that-suddenly-improved-the-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"24 Hours that Suddenly Improved the Market - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"This year started strong for real estate, but then the market began to soften. 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