The latest Health of Housing Markets Report by Nationwide Economics projected more positive and sustainable trends for the housing sector in 2020.
Continuous job growth and robust household formations are the main drivers of the positive forecast, according to the report’s index which measures housing-market sustainability.
Nationwide Economics ruled affordability as the primary affecting sales. Several states with the biggest declines in existing sales also have the highest prices. This makes them more sensitive to movements in rates and prices.
According to David Berson, senior vice president and chief economist at Nationwide Economics, the housing market is poised for another solid year. Slower house price growth and lower mortgage rates help affordability while job gains and faster income growth sustain demand.
If you’re planning to buy in the next 12 months, get pre qualified today. It’s free!