Q4 2019 Market Brief

The US economy ended strongly towards the end of the year, with a large gain of over $200,000 jobs. Because of this continuing job creation and record low unemployment rate, the housing market has continued to increase. The economic improvement has allowed home buyers to take advantage of lower mortgage interest rates and expansive inventory. Contract sales in Hudson County have continued to accelerate with an increase of 9%. We can also see a 12% decrease of unsold inventory in this year compared to Q4 of 2018. We have started 2020 with extremely low mortgage rates and a great economical improvement that will produce an increase in home sales, new construction and steady home prices.