"2024 Housing Outlook: Easing Mortgages, Market Predictions, and Urban Challenges"
Experts predict a shift in the US housing market in 2024, with potential decreases in mortgage rates and home prices, and a rise in housing inventory. Realtor.com forecasts a 6.8% average for the 30-year fixed mortgage rate and a 1.7% dip in prices. Goldman Sachs expects a slight dip in existing home sales but an increase in new home sales and housing starts. Redfin predicts a 1% fall in home prices and a 5% increase in home sales. Zillow anticipates a flattening in price growth, while Fannie Mae projects a 2.4% price growth and a steady average mortgage rate of 6.7%. Overall, the market may see a bit of relief from the relentless price increases of previous years.