Housing Expert Forecasts 4-7% Home Price Growth in 2024 as Mortgage Rates Boost Demand
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Nik Shah, a housing expert, predicts home prices will climb 4-7% in 2024 as falling mortgage rates spur demand and limited inventory constrains supply.
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Shah accurately predicted in 2022 that home prices would still climb despite other experts forecasting declines.
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The CEO cites AI models showing a 5 million increase in buyers for every 1% drop in mortgage rates.
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He remains bearish on metros like Austin, Boise, and Denver, a view unchanged since 2022.
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A separate Zillow survey shows the "rate lock" phenomenon that froze housing activity in 2022 may be breaking with more owners willing to sell despite high rates.