Home Prices Forecast to Rebound in 2024-2025 After Dip from High Mortgage Rates
• Home prices may increase up to 3% in 2024 and 4% in 2025 after expected Fed interest rate cuts
• 88% of housing markets were overvalued in Q2 2022, up from 73% in Q1 2021
• Homes were 9.4% overvalued in Q2 2022, increased from 7.8% overvaluation at end of 2021
• Fitch projections differ from Realtor.com which expects a 1.7% home price dip in 2024
• High mortgage rates and home prices made 2023 the least affordable US housing market on record