12/19/2023
In 2024, the housing market is expected to show positive signs for both buyers and sellers. One encouraging development is the decrease in mortgage rates. Recently, rates have started to come back down, offering hope to buyers who have been dealing with affordability challenges. Economists predict that mortgage rates may continue to drop in the new year, making it more favorable for home buyers.
Another positive trend is the potential growth in the supply of homes for sale. As rates ease, more buyers and sellers who had been waiting on the sidelines may decide to enter the market. This increase in activity is expected to lead to more homes being listed for sale. Experts believe that even homeowners who have been hesitant to move due to low rates will be more inclined to sell as their family and financial circumstances change.
Affordability is also expected to improve as home price growth moderates. Although inventory is still low overall, the Home Price Expectation Survey indicates that the average home price growth in 2024 is projected to be 2.7 percent, which is slower compared to previous years. This suggests that the housing market may become more balanced, benefiting both buyers and sellers.
Overall, experts are optimistic about the housing market in 2024. The combination of easing mortgage rates, a potential increase in the supply of homes for sale, and moderated home price growth suggests a better year ahead. If you're considering buying or selling a home, it is advisable to stay updated on the latest forecasts by partnering with a trusted Mortgage Advisor.
