2024 Housing Market: Forecasts, Predictions, and Expectations
Economists are forecasting a turnaround in the housing market in 2024, with mortgage rates expected to decline and affordability set to improve slightly. However, challenges remain as existing homeowners with sub-5% mortgages may not be enticed to sell, complicating supply availability. The lack of existing housing supply is being tempered by an increase in new home builds. The forecast for housing is optimistic but depends on continued moderation of inflation and the Federal Reserve's stance on interest rates. If inflation resurges, home sales could be negatively impacted.