Real Estate Market Outlook 2024: Sales Surge, Mortgage Rates Fall, and Affordability Concerns

The National Association of Realtors predicts a strong rebound in US home sales in 2024, driven by falling mortgage rates. After two quiet years, the housing market is expected to experience a dramatic turnaround, with pent-up demand from buyers benefiting 10 cities. The NAR projects a 19% increase in new home sales and a 13% growth in existing property sales, leading to windfalls for realtors. The list of cities with strong pent-up demand includes areas with factors such as rising home prices, affordability for renters, potential returning buyers, job growth rate, income growth rate, and crime rate.