2013 was the comeback year. After six long years of sluggish sales, plummeting prices, failed tax incentives and a flood of foreclosures, the housing market at long last had rebounded.
2014 was a hangover year. But by 2015, the housing market was back for good, the Great Recession a distant, bitter memory. Bidding wars abounded. Buyers competed with investors paying cash. Purchase offers started piling up days after a home hit the market.
2018 was a transition year. It started out strong, but by year’s end, sales petered out and price appreciation had downshifted. Now it’s 2019’s turn.
Will a 6 ½-year streak of year-over-year price gains continue? Or will home prices go down? Will it be a buyer’s market? Or will sellers continue to have the upper hand? And will there be another recession? In short, did renters miss their chance to buy a home?
The verdict, say market watchers and numerous local forecasts, is 2019 won’t be a memorable year for housing. Signs point to a sluggish year. Real estate agents report some of their clients have decided to wait it out. Home prices are due to go back down, those buyers say. Some economists agree. But most forecasts say homes prices will rise in 2019, but those gains will be smaller than in years past.
January Sales Statistics locally & in the Bay Area
All markets are local, and in determining where the market is one needs to, in some cases, go block by block or neighborhood by neighborhood.National statistics surely do not relate to California, the Bay Area or even individual cities.
I would encourage anyone to get advice from their favorite or local Realtor. I am constantly reviewing the market on a weekly and sometimes daily basis. This is the only way to be current and up to date.
People will always be buying and selling regardless of the economy or interest rates. As we continue along in 2019, keep this in mind: prices are favorable for sellers and interest rates are projected to rise — don’t wait!