Mortgage rates hit a 13-week low and rates are now at 3.64% with .7% in fees and points. These low rates and a strong labor market should increase homebuyer demand.
Mortgage applications decreased 1.5% from two weeks earlier. It’ll be interesting to see how that number changes if these great interest rates and job numbers continue come the spring selling season.
Last week the Federal Reserve Bank of Dallas released their monthly Economic Indicators report. The report covers November’s data.
From January 2019 to November 2019, the job growth rate for Dallas was 2.2% annually and the rate for Fort Worth was 2.8%.
The unemployment rate is holding steady at 3.2% and is below the state and national rates. What’s really impressive is how it’s hovering around the lowest rate it has been since the last ten years.
Single-family construction permits fell a little in October and November after a strong summer. There were 4% fewer permits issued year-to-date in November 2019 than the same time in 2018.
Home-price appreciation rose 1.3% in the third quarter and year-over-year were up 3.8% in Dallas and 5.9% in Fort Worth. State-wide and nationally, prices increased 4.9%.
Home inventories are still tight and still leaning on the side of a seller’s market. For November we were at 3.1 months of inventory. If you have a home to sell that’s under $200,000, that’s the tightest supply of inventory at only 1.6 months of supply. If you’re selling a home from $200,000 up to $300,000, the inventory is still tight at only 2 months of supply.
The year is off to a good start with numbers and it’s looking positive to be a seller and a buyer.
Jennifer Shannon is a Texas real estate agent and broker, licensed since 2006.