Housing Market Predictions: Rising Prices, Extreme Examples, and Competitive Markets
Zillow predicts that U.S. home prices will rise by 6.5% between July 2023 and July 2024, citing limited inventory and strong competition as driving factors. Their forecast model also indicates that 120 of the nation's largest housing markets will see increases of 7.0% or greater over the next year. While Zillow's economists believe that home prices have bottomed, other firms like Moody's Analytics and Morgan Stanley have a more cautious outlook, expecting further declines by the end of 2024.