Selling a home can take time, planning, and patience.You may have prepared your home, welcomed showings, answered questions, and waited for the right buyer only to have your listing expire without a
Housing Market Predictions for the Second Half of 2024
Dated: June 24 2024
Views: 117
As we move into the second half of 2024, here’s what experts predict for home prices, mortgage rates, and home sales.
Home Prices Expected to Climb Moderately
Home prices are forecasted to rise at a more normal pace. The latest forecasts from seven of the most trusted sources in the industry indicate steady appreciation. The main reason for this continued rise is the supply of homes for sale. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), explains:
“One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory.”
While inventory is higher compared to the past couple of years, it's still low overall. This scarcity of homes will keep upward pressure on prices.
For prospective buyers, this is good news. You won’t have to deal with the rapid price increases seen during the pandemic. However, prices aren’t expected to drop; they’ll keep climbing, just at a slower rate. Getting into the market sooner rather than later could save you money in the long run, and you can feel confident that your home will grow in value after you buy it.
Mortgage Rates Are Forecasted to Decline Slightly
One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to drop slightly, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR. Even a small decrease in mortgage rates can significantly reduce your monthly payments. For sellers, lower rates will attract more buyers, helping you sell faster and potentially at a higher price. If you’ve been hesitant to sell due to current rates, this trend might get you off the fence.
Home Sales Projected to Hold Steady
In 2024, the number of home sales is expected to remain steady or even rise slightly. Forecasts from Fannie Mae, MBA, and NAR suggest around 5 million sales in 2024, a small increase from 2023. Lawrence Yun, Chief Economist at NAR, explains:
“Job gains, steady mortgage rates, and the release of inventory from pent-up home sellers will lead to more sales.”
With more inventory available and mortgage rates expected to drop, more homes are likely to be sold this year compared to last year. This means more people will be able to move. Let’s work together to make sure you’re one of them.
Bottom Line
If you have any questions or need help navigating the market, reach out to a local real estate agent. Ready to make a move? Contact us today to start planning your home-buying or selling journey. Don't miss out on the opportunities the second half of 2024 has to offer!
Get ahead in the housing market! Contact Shasha & Terri Team today to explore your options and make informed decisions.
Shasha Truong & Terri Nguyen Realty Group
🏠Realtors | DRE#01253561, DRE#01449810
📞Call/Text: 626-893-9617 | 626-315-0025
📨Email: shasha.truong@exprealty.com | terri.nguyen@exprealty.com
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See the List of Adul55+ Single-Story Properties in LA, Orange, San Bernardino & Riverside Counties
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Credits/References:
- National Association of Realtors (NAR)
- Fannie Mae
- Mortgage Bankers Association (MBA)
- Keeping Current Matters
Keywords: home prices 2024, housing market forecast, home price appreciation, real estate market trends, mortgage rates forecast, interest rates 2024, mortgage rate trends, real estate financing, home sales forecast, housing market trends 2024, real estate sales projections, home buying trends, real estate agent, local real estate market, real estate tips, contact real estate professional
Shasha Truong & Terri Nguyen Realty Group
We are Shasha and Terri, your highly experienced real estate professionals dedicated to turning your real estate goals into reality. Fluent in English and Vietnamese, we bring 27+ years of experience ....
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