Joseph Murphy on LinkedIn: Housing Market Forecast for 2024 Elevated mortgage rates, out-of-reach… (2024)

Housing Market Forecast for 2024 Elevated mortgage rates, out-of-reach home prices and record-low housing stock are the perennial weeds that experts say hopeful home buyers can expect to contend with this spring—and beyond. “The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024,” said Doug Duncan, senior vice president and chief economist at Fannie Mae, in an emailed statement. “Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.” “If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast. We’re definitely looking forward to a better housing market in 2024 as interest rates start to settle around 6% or even lower. - Forbes

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🏡📈 Housing Market Predictions 2024: When Will Home Prices Be Affordable Again? Discover insights from Robin Rothstein and Caroline Basile. High mortgage rates and low housing stock continue to challenge affordability. Read more for a deeper dive! 👇👩💻https://lnkd.in/gHWNMxm2#housingmarket #homeprices #realestatetrends

Is the housing market finally turning around? With record-low mortgage rates and home prices falling, many economists are wondering if the housing market is finally beginning to recover. But are prices becoming more affordable for buyers? Find out what top experts are predicting for the future of the housing market in 2023. Get the facts and stay ahead of trends. Here are more insights on what’s happening with real estate prices today: https://lnkd.in/gzjkjNcE#housingtrends #housingmarket

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Though the housing market demonstrated some signs of growth ahead of the spring home-buying season, persistently high mortgage rates may hinder activity from fully flourishing.Here’s what the latest home sales data has to say.

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Housing market outlook for 2024: Here's the good news — and the bad newsUS housing market affordability will improve in 2024, but challenges will remain, Realtor.com said.Home prices will drop, but the decline in mortgage rates will be limited.#realestate #property #realestatedevelopers #demand #growth #investors #investments #housing #residential #mortgage #data #report #realestateagents #therealtynews #homebuyers #interestrates https://lnkd.in/duZZ8_QH

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Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?https://lnkd.in/eyN2tMJ3As temperatures begin to cool, the housing market continues to fizzle, with blisteringly high mortgage rates and scorching home prices becoming too hot to handle...

News You Can Use:Pressing Need for More Housing InventoryExisting Home Sales fell 2% from August to September to a 3.96-million-unit annualized pace, reaching a 13-year low, per NAR. Sales were also 15.4% lower than they were in September of last year. This report measures closings on existing homes and is a critical gauge for taking the pulse of the housing sector.What’s the bottom line?Tight inventory and elevated mortgage rates remain key constraints on home sales. There were 1.13 million homes available for sale at the end of September, down from 1.23 million a year earlier and nearly half the levels seen in 2019. Plus, inventory is even tighter than that figure implies, as many homes counted in existing inventory are under contract and not truly available for purchase. In fact, there were only 702,000 “active listings” at the end of last month.NAR’s Chief Economist, Lawrence Yun, noted that “there was a “pressing need for more housing supply.” Yet despite ongoing inventory constraints, homes continue to sell quickly (averaging just 21 days on the market). And 69% of homes sold in less than a month, showing that demand is strong for what’s out there.What to Look for This Week:More housing data is ahead, with September’s New and Pending Home Sales releasing on Wednesday and Thursday, respectively. Also on Thursday, look for the latest Jobless Claims and the first reading for third quarter GDP. A crucial inflation reading will be delivered on Friday via the Fed’s favored measure, Personal Consumption Expenditures.Article of the Week:

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No one knows where mortgage rates are headed for sure, and the experts we talked to recommend not focusing on it. Expectations around both home prices and housing inventory vary wildly depending on where you are. Regardless of the market, home buyers and sellers need to determine for themselves whether it’s the right time to make a move based on their personal and financial situation.Read the full article here https://lnkd.in/gQzHvA8Y

Housing market predictions: Experts weigh in on the real estate outlook in 2024No other phrase has defined the 2023 housing market like the “mortgage rate lock in effect.” The pandemic-era sub-5% mortgage interest rates that 85% of current mortgage holders are locked in to kept current homeowners from selling their home and buying another at elevated interest rates at 7.79% the week ending Oct. 26. Housing shortages will continue Builders now can chip away at the backlog of homes already under construction. Yet, even with these homes eventually coming to market, the housing market will likely remain structurally undersupplied.Mortgage rates and affordability Most experts predict the average 30-year mortgage rate to linger anywhere between 6.1% to 7% range in the first quarter, then decline throughout the year. New home construction With a decline for mortgage interest rates and an ongoing housing deficit, the forecast is a gain for single-family housing construction starts in 2024. This will be the first year of increase after declines in 2022 and 2023. - USA TodayTanusha Jagarlamudi Divanshu Arora

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Housing Market Predictions For 2024: When Will Home Prices Be Affordable Again?https://lnkd.in/eyN2tMJ3Though mortgage rates are better now than they were in the fall, and experts are optimistic that rates will drop further in 2024, home affordability challenges aren’t going...