Posted 12/31/2023, 11:00:00 AM
Mortgage Rates Seen Falling Further in 2024 But Home Prices Largely Flat With Modest Sales Growth
- Mortgage rates are expected to continue falling in 2024, potentially dropping below 6.5%, but not to 2020-2021 levels below 3%
- Home prices are forecasted to be relatively flat in 2024, with slight declines of 0.2-1.7% predicted
- Home sales should increase about 13.5% from 2022 levels as inventory rises and affordability improves somewhat
- Areas in the South and Midwest are likely to see above-average home price and sales growth
- There will be incremental improvement but no huge, sudden swings in the housing market in 2024