It’s hard to believe that 2019 is almost over and we are just a few weeks away from 2020. As we near the new year, experts in the real estate industry are already predicting 2020 to be a great year for home buying and selling. The National Association of Realtors is predicting that new home prices will rise slightly, but mortgage rates should remain under 4%.
In a recent article from Housing Wire, they predict that “the median price of an existing home in the U.S. to be $270,400 next year, rising 4.3% from 2019. That would be a slower pace than the 4.9% annual gain in the median price he forecasts for 2019 and the 5.7% recorded for 2018. The median price for a new home probably will be $313,500, down 4% from 2019, but that could stem from a shift toward smaller houses as builders try to meet demand from first-time buyers.”