Mortgage Rates Drop to Spur Home Buying Rebound in 2024, Though Prices Largely Flat
-
Mortgage rates are expected to fall to around 6.5% by the end of 2024, improving affordability.
-
Home prices likely to dip slightly, with median prices forecast to drop 1-2% over the course of 2024.
-
Home sales predicted to increase about 5% from 2023 numbers, to around 4.3 million units sold.
-
Parts of the Midwest and Northeast forecast to see strongest home price growth; coastal Florida markets likely to see declines.
-
New construction perceived as more affordable due to incentives like mortgage rate buydowns; still competition for move-in ready resale homes.