Posted 4/7/2024, 10:46:00 AM
Home Prices Expected to Stay Strong Despite Higher Rates Due to Ongoing Supply Shortage
- Dave Ramsey predicted stable or rising home prices despite higher interest rates due to supply shortage
- Home prices climbed 5.7% over past year to median of $384,500 as of February 2023
- Only 15.5% of homes for sale considered "affordable" by typical income household in 2023
- Gap between households formed and single-family homes built is 7.2 million, signaling continued shortage
- Ramsey advises homebuyers to focus on prices not rates, and "marry the house, date the rate"