Posted 12/28/2023, 3:00:00 PM
Home Prices and Sales Stabilizing in 2024, But Affordability Challenges Remain
- Mortgage rates will likely decrease slightly in 2024 but remain above 6%, keeping home affordability challenging
- Home prices may drop slightly (less than 2%) in most areas in 2024 but the market will remain tight
- Home sales may increase somewhat but a surge is unlikely due to limited inventory and high rates
- Renting could remain more affordable than buying in most markets through 2024
- Multifamily construction will likely boom but the market outlook has uncertainties (e.g. Fed actions, economy) that could change predictions