Last year’s selling season was a little bumpy but was solid through May – and then dropped off once we got into summer and rates started rising.
The wait-and-see pattern kicked in as 2019 opened, but with rates having eased, we’re on our way now.
If mortgage rates will determine our fate, what can we expect for the rest of 2019? It looks like we should see mortgage rates stay in the low-4% range for now. The 30-year fixed rate is typically about 1.75% above the ten-year bond yields, which today is around 2.52%.
This is from the WSJ:
I’m going to guess that our pendings will peak again in May this year, but have a more gradual descent through the rest of 2019 than we had last year.
The relaxing of the average NSDCC list-pricing might help too:
NSDCC # of Actives / Avg. LP-per-sf
The MLS doesn’t support analyses once the counts get too high, so I don’t have any pricing for the Over-$2M category (but should be around $1,000/sf). The number of $2M+ actives has only grown from 453 on February 25 to 472 today. There are 98 pendings too!