According to recently released housing market forecasts, economists expect a better year for home buyers in 2024. Mortgage rates have started to come down after climbing higher over the past year and a half. Home price increases have slowed in most parts of the country. Even the inventory shortage is expected to get better this year. There’s a general sense that the housing market will improve in the months ahead. And according to a new survey from the National Association of Realtors’ consumer website, that feeling has first-time home buyers optimistic about their prospects. In fact, the survey found, among Americans expecting to buy their first home in 2024, 61 percent say they think now is the right time to buy. Danielle Hale, the website’s chief economist, says that’s a change from last year. “Buying a first home can be a daunting task,” Hale said. “Couple high interest rates with historically low inventory of homes available for sale in 2023, and hopeful buyers have faced a particularly challenging market.” Fortunately, with affordability improvements on the horizon, first-time buyers are feeling better positioned, with 40 percent saying they’ll be able to afford to buy within the year. (source)
