CoreLogic reports that home prices nationwide, including distressed sales, rose 4% in December 2019 compared with December 2018 and increased 0.3% in December 2019 compared with November 2019. Looking ahead, CoreLogic is forecasting that home prices will rise 5.2% year-over-year from December 2019 to December 2020. “On a national level, home prices are on an upswing. Price growth is likely to accelerate in 2020," said Frank Martell President and CEO of CoreLogic. The strong labor market will continue to support the housing sector.
U.S. stocks are rallying today shrugging off the coronavirus fears as investors use the "buy on the dip" strategy after the recent decline. The Dow Jones Industrial Average is up 450 points and comes after Friday's plunge and yesterday's rebound. The rise in equity prices is weighing on the bond markets while mortgage rates could edge higher though they remain historically low. Freddie Mac reported last week that the 30-year fixed-rate mortgage fell to 3.51%, the second-lowest level in three years.
U.S. consumers are paying less for the price of gasoline at the pumps due in part to a decline in oil prices. The decline in the price of oil is due in part to the recent coronavirus headlines that could cut demand while OPEC is mulling over supply cuts. The national average price for a regular gallon of gasoline is at $2.46, down from $2.58 a month though above the $2.25 a gallon seen last year this time. “Gas prices are pushing cheaper for two reasons. Crude oil prices are $10 less a barrel than one month ago and U.S. gasoline stocks sit at an all-time record high,” said Jeanette Casselano, AAA spokesperson.
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