Real Estate Market Forecast: Home Prices Soar in Major U.S. Cities
TL;DR Summary
Zillow predicts that home prices in the US could increase by 4.9% from August 2023 to August 2024, a downward revision from the previous projection of 6.5%. The increase is expected due to slightly rising new home listings and elevated mortgage rates. However, total home sales are forecasted to decline by 18% in 2023, and inventory remains tight. The Federal Reserve has indicated that future interest rate hikes are possible to combat inflation, which reached 3.7% in August.
- Home prices could spike nearly 5% in 2024: Zillow Fox Business
- The cities where property values are rising (and falling) fastest Daily Mail
- Rising metro Detroit home prices outpace national rate Crain's Detroit Business
- Chicago still has fastest-growing home prices in the U.S. Crain's Chicago Business
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