I don't understand! The housing market is back? Multiple offers with debt at an all-time high. Home buyers don't want to wait to buy a home.
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About this video:
The real estate market is showing signs of improvement and change as we move into 2024.
Turnaround in Home Sales: There's an anticipated improvement in existing home sales in 2024 after a significant decline in 2023. The National Association of Realtors (NAR) expects existing home sales to end up 18% lower in 2023 compared to 2022, marking the worst year in over a decade. However, a rebound is expected in 2024, with existing-home sales projected to rise by 13.5% and new-home sales by 19%. A key factor contributing to this positive outlook is the expected ease in mortgage rates, encouraging buyers to return to the market.
Inflation and Mortgage Rates: While the overall inflation has been easing, "shelter inflation" continues to rise, posing a potential challenge to the housing market's recovery. However, an oversupply of new apartment units might lead to a decrease in rental rates, helping to control inflation and discourage further rate hikes by the Federal Reserve.
Housing Inventory and Mortgage Rates: Despite the increase in mortgage rates, there's an anticipation of more sellers entering the market, which could influence the housing inventory positively. The behavior of new listings data last year suggested a bottoming out, which might continue into 2024, hinting at a potentially more balanced market.
Market Trends for 2024: The real estate market in 2024 is expected to witness higher mortgage demand, stabilizing home prices, lower mortgage rates, and an uptick in housing inventory. Zillow predicts a slight fall in home values, while Freddie Mac forecasts a slower pace of price increase, indicating a shift towards a more balanced market. This suggests that while buyer demand is expected to rise, the increase in inventory might help maintain a balanced market without leading to a housing market crash.
Are you wondering about the current state of the housing market? Are you concerned about the potential for a market crash, or wondering if home prices will ever come down? Are you trying to understand why rent is so expensive? We aim to provide answers to these and other questions about the housing market in our weekly content.
