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Upward pressure on asking prices is a result of pent-up demand and constricted supply. This month, half of all homes were listed above $300,000, a historical high for December, and $8,900 higher than a year ago.
A lower days on market figure is indicative of a tighter market. This month, half of homes were spending less than 79 days on the market, a relatively brisk pace for December.
National inventory saw the steepest decline in active listings in the past several years, further tightening the market and offering fewer options for homeowner hopefuls. |
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 Job Creation152.4 Million Jobs (+145,000 M/M) Consumer Confidence Index126.5 (-0.2% Y/Y) Mortgage 30 Yr Fixed Rate3.64% (-81 Basis Points Y/Y)
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Employment is a key driver of home-buying demand. This month the economy generated a total of 145,000 jobs, marking 111 consecutive months of job growth. Unemployment held steady at 3.5%, and remains at near-historic lows.
The CCI is a survey-based measure of how people are feeling about the economy and their financial prospects. The CCI dropped by a marginal 0.2% year over year in December.
Lower mortgage rates decrease the cost of borrowing, making it easier for buyers to enter the market. Rates dropped since last month to 3.64% with rates down 81 basis points since last December, which will give buyers more options while housing supply declines. |
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Guillermo "Bill" Sanjurjo Realtor®
https://guillermorealtor.c21.com/
12955 SW 42 St Suite 2, Miami, FL 33175
Cell: 786-232-1400
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