It’s a new year and that means everybody’s thinking about what the next 12 months will look like. In the housing market, that means wondering what’s ahead for prospective home buyers and sellers. Will the market heat up again and move prices higher? Will mortgage rates fall and improve buyers’ purchasing power? Will there be inventory gains or will the number of homes for sale remain low? Well, according to one recently released report, Americans expecting to get into the market this year should expect improved conditions from last year but not a “white hot” market like 2021. The forecast says mortgage rates should continue to calm but remained elevated from where they were during the pandemic. The improvement will be enough to get more buyers interested, and help some sellers make the jump, but the increase in activity won’t be dramatic. Similarly, home prices aren’t expected to move in any direction too significantly. In other words, the market will be fairly steady in 2024. We’ll see improved conditions and the gains, though gradual, should be enough to get more Americans moving. (source)
