Posted 11/29/2023, 1:40:00 PM
Home Prices and Rates Forecast to Dip in 2024, But Affordability Challenges Remain
- Home prices and mortgage rates expected to edge lower in 2024, but costs will still be relatively high
- Supply of existing homes likely to drop 14% year-over-year, worsening inventory
- Monthly costs for median-priced home to be slightly under $2,200 a month on average
- Rental homes and new construction should help ease competition in housing market
- Wildcards like geopolitical tensions and inflation could affect forecasts if they flare up