Will The Housing Market Recover In 2024? Probably Not.
As 2023 nears its end, with mortgage rates slowing to the mid-7%s but home prices at record highs, the question on housing analysts’ minds is: Will 2024 be any better?
For the most part, experts see a mixed bag coming next year, predicting the beginning of a turnaround that won’t fully flower until 2025.
Realtor.com’s 2024 Housing Forcast suggests mortgage rates will moderate and ultimately average 6.8%, hitting 6.5% at year-end, while home prices ease slightly by 1.7%. But the company also predicts worsening inventory shortages as homebuyers cling to their current homes to keep their sub-5% rates.
Still, Danielle Hale, chief economist for Realtor.com, emphasizes the bright sides of softening unaffordability.
“Our 2024 housing forecast reveals the green shoots…