Housing Market Expected to Cool, Not Crash, in 2024 as High Rates and Prices Force a Correction
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Experts don't anticipate a housing market crash in 2024, but rather a "reset", "downturn", or "correction" as home prices and sales stabilize.
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Interest rates are high compared to recent years, but normal historically. Rates may dip in 2024.
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Low inventory continues to prop up demand and prices. A sharp increase in sellers could signal a stronger price correction.
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Factors like new construction trends, foreclosures, recession risk, and inflation are being monitored for signs of weakness.
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Qualified buyers may re-enter if rates drop to 3-4% range, but recession and uncontrolled inflation would reduce demand.