The biggest stories in the nation's housing industry in 2018 include a slowing market with rising rates, damaging natural disasters, Trump administration tax changes, and Amazon HQ2's new homes.
At the start of 2018, home prices were still appreciating quickly as for-sale home supply continued to tighten, rates rose, and buyer demand churned with a glut of offers eclipsing the asking price. Then in the summer, for-sale inventory increased due to home sellers' perception that the market peaked. While sellers were hoping to get the most for their home, buyers were increasingly sitting out the market, waiting for prices to come down earth, or at least within their budget.
Realtor.com reports that home price appreciation has slowed down in many U.S. real estate markets, and sale price discounts are increasing. In 2019, the real estate platform estimates fewer home sales (an anticipated 2 percent drop), and 2.2 percent price growth rather than 8.5 percent for 2018.
The ups and downs of financial indicators, a corporate behemoth's search for prime real estate, and even Mother Nature shaped market realities this past year, and will continue to do so in the years to come. Need a refresher? Here are 2018's most noteworthy stories in residential real estate—along with what you'll need to watch for in 2019.
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