The 2024 Housing Market
It is hard to predict what next year will be in the real estate market. If we remain optimistic a modest economic growth, slightly increased unemployment, and a gradual decline in inflation would be ideal. Mortgage interest rates will play a key role in 2024.
The COVID market and the uptick trend in home prices from 2020 to 2022 most likely will stop and prices will plateau or have a slight decline.
Affordability will be a challenge and the cost of purchasing a home will remained steep.
With mortgage interest rates remaining at a higher level compared with the 2020 - 2022 period, some sellers will have a high resistance to sell their homes, and therefore keeping the home supply…
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