A Review of Housing Statistics at the End of 2019
Authored by Brian Jones, FHLBNY Financial Economist
December 11, 2019
Lower mortgage rates boosting home-purchase contract signings, closings will soon follow
Pickup in pending home sales in FHLBNY district since midyear hints at acceleration in local purchases
Declining mortgage rates have enhanced housing affordability across the nation
Higher prices continue to weigh on local affordability gauges
Stock of available dwellings remains near expansion low; home-building expansion subpar
Inventory problem particularly acute in FHLBNY area, with available homes below year-ago levels
Home-price performance has varied widely across the FHLBNY district
Home prices continue to move higher, although the pace of growth has slowed
Home-builder sentiment near pre-crisis highs, yet single-family permits have lagged far behind
Mortgage performance improving nationally and across most of the FHLBNY district
Interest rates on adjustable- and fixed-rate mortgage loans have fallen by over a percentage point from the highs set last November….
Disclaimer. The Federal Home Loan Bank of New York (“FHLBNY”) is providing this report for informational purposes only. This report should not be construed as an opinion, recommendation, or solicitation regarding the use of any financial strategy and/or the purchase or sale of any financial instrument. The recipients of this report are advised to conduct their own independent due diligence and consult with financial advisors, accountants, and attorneys before making any investment, credit, or any other financial decisions. FHLBNY does not warrant the completeness or accuracy of this report. The past performance of any FHLBNY service or product should not be viewed as a guarantee of future results. The information contained in this report, as well as the services and products provided by the FHLBNY, may change at any time without notice.