"2024 Real Estate Forecast: Expert Insights and Mortgage Rate Trends"
Experts predict a modest improvement in the 2024 housing market, with mortgage rates expected to stabilize between 6.1% and 7%, and a slight increase in home sales. The "mortgage rate lock in effect" from pandemic-era rates has kept many from selling, but recent rate declines have spurred some activity. Housing shortages will persist, but new construction could offer more options. Home price growth will vary by region, with some areas potentially seeing double-digit increases. New single-family home construction is expected to rise for the first time since 2022, while multifamily construction may decline due to tight financing conditions. Overall, the market will likely remain undersupplied, keeping prices relatively high.
