Posted 11/29/2023, 4:49:58 PM
Housing Market Cooling Expected But Prices and Rents to Remain High Due to Low Inventory
- Housing inventory shortage is a multiyear problem that will take time to resolve
- Home prices are expected to start declining more in 2024 but not a big decrease due to low inventory
- Builders confidence plunging for 3rd month in October due to mortgage rates and lower demand
- Renters not expected to get a break on costs compared to high housing prices
- Few options available for families to save on overall housing costs