Housing Market Challenges Expected to Continue in 2024 With High Prices, Low Inventory
• Mortgage rates and home prices expected to remain high in 2024, creating ongoing difficult conditions for buyers • Inventory continues to be extremely low, with demand outpacing supply • Some positive signs emerging, like slowing inflation and increased inventory in November 2022 vs 2021 • Forecasts differ on whether home prices will fall in 2024 or remain steady due to lack of supply • Affordability issues straining new home market as well, with costs rising for materials, land, etc.