Posted 1/1/2024, 1:59:15 PM
Mortgage Rates Above 6%, Home Prices Rise Modestly As Market Stabilizes
- Mortgage rates dropped recently but are expected to remain above 6% for most of 2024
- Home prices will continue to increase overall but at a more moderate pace
- Sales activity expected to see modest gains, varying significantly by market
- New home construction starts forecasted to increase after declines in 2022-2023
- Low inventory will continue to put upward pressure on prices despite more options from new construction