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Expert Quotes on the 2024 Housing Market Forecast

If you’re eyeing a home purchase or sale in the near future, you're likely curious about the housing market outlook for 2024. The past year presented challenges like higher mortgage rates, mixed headlines about home prices, and limited inventory. But what lies ahead?

Thankfully, many experts are looking ahead with optimism, expecting positive shifts.

Mortgage Rates Predicted to Ease

Recent trends have shown a decline in mortgage rates, offering hope for buyers grappling with affordability concerns. Mark Fleming, Chief Economist at First American, anticipates further drops:

“Mortgage rates have already retreated from recent peaks near 8 percent and may fall further . . .”

Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), shares a positive outlook:

“For home buyers . . . the market is turning more favorable, and there should be optimism entering 2024 for a better market.”

Potential Growth in Home Inventory

As rates ease, the housing market is likely to witness increased activity as more buyers and sellers reenter the scene. Lisa Sturtevant, Chief Economist at Bright MLS, notes:

“Supply will loosen up in 2024 . . . more moves and more new listings . . . particularly as rates move closer to 6.5%.”

Moderating Home Price Growth

A positive sign for affordability comes with the anticipated moderation of home price growth. Forecasts from the Home Price Expectation Survey (HPES) by Fannie Mae suggest:

“Home price growth to clock in at 5.9% in 2023, followed by slower growth in 2024 and 2025.”

In summary, experts foresee 2024 as a promising year for the housing market. If you’re considering a move next year, early indications suggest a turning point. Mike Simonsen, President and Founder of Altos Research, adds:

“We’re going into 2024 with slight home-price gains, easing inventory constraints, slightly increasing transaction volume . . . All in all, things are looking up for the U.S. housing market in 2024.”

Experts hold an optimistic view of the 2024 housing market. To stay abreast of the latest forecasts, partnering with a trusted real estate agent can keep you informed and prepared for any changes ahead.


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