Will 2020 Be A Good Year For The Housing Market?
The housing market has up years and down years. And the list of factors that influence it is long.
Everything from geopolitical tension to student loan debt has a role in determining how many Americans decide it's time to buy a house. So what do conditions look like for the housing market in 2020?
According to Fannie Mae's Economic and Strategic Research Group, things are looking good. Their latest forecast cites factors like rising wages, a strong labor market, and improved household finances as reasons to be encouraged.
Doug Duncan, Fannie Mae's senior vice president and chief economist, says Americans are doing well and market factors are positioned for them to take advantage.
“Strong consumer demand and low mortgage rates – as well as moderate improvements to supply – have housing well-positioned for a comeback year in 2020,” Duncan said.
“While we expect housing to regain its place as an economic growth driver after a period of relative sluggishness, we recognize that the problems of affordability and inventory are likely to persist for the forecast horizon.”