Posted 1/8/2024, 1:30:41 PM
Housing Market Stays Resilient in 2023 Despite Challenges; Signs of Improvement Emerge for 2024
- Mortgage rates rose over 20% in 2023, inventory remained low, and prices were still up nearly 6%
- 2023 market remained surprisingly strong despite headwinds
- 2024 expected to bring more inventory and steady/slightly increasing prices
- Signs of market easing for buyers late in 2023, including 1.5 month supply of homes vs 1.3 months a year ago
- Mortgage rates dropped quickly in late 2022, from 8% to 6.5%, which bodes well for 2024 market