Expert Home Price Forecasts for 2024 Revised Up Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall. 2024 Home Price Forecasts: Then and Now There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider: “Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .” A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates. Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate. Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up. A Look Forward To Get Ahead of the Next Forecast Revisions That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates. Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too. At first, experts believed home prices would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought. DM me so you know what to expect with prices in our area. #expertanswers #stayinformed www.DanFreshley.com
Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.
2024 Home Price Forecasts: Then and Now
There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. According to Business Insider: “Low home inventory is a chronic problem in the US. This has generally kept home prices up . . .”
A lack of housing inventory has been pushing prices up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is mortgage rates.
Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, mortgage rates were up and buyer demand was more moderate.
Now that rates have come down from their peak last October, and with further declines expected over the course of the year, buyer demand has picked up.
A Look Forward To Get Ahead of the Next Forecast Revisions
That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to mortgage rates.
Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.
At first, experts believed home prices would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought. DM me so you know what to expect with prices in our area.
#expertanswers #stayinformed
www.DanFreshley.com
http://dlvr.it/T3DLvD
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