06/24/2024
As we move into the second half of 2024, hereās what experts say you should expect for home prices, mortgage rates, and home sales.
Home Prices Are Expected To Climb Moderately
Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:
The reason for continued appreciation? The supply of homes for sale.
While inventory is up compared to the last couple of years, itās still low overall. And because there still arenāt enough homes to go around, thatāll keep upward pressure on prices.
If youāre thinking of buying, the good news is you wonāt have to deal with prices skyrocketing like they did during the pandemic. Just remember, prices arenāt expected to drop. Theyāll continue climbing, just at a slower pace.
Mortgage Rates Are Forecast To Come Down Slightly
One of the best pieces of news for both buyers and sellers is that mortgage rates are expected to come down a bit, according to Fannie Mae, the Mortgage Bankers Association (MBA), and NAR.
When you buy, even a small drop in mortgage rates can make a big difference in your monthly payments.
Home Sales Are Projected To Hold Steady
For 2024, the number of home sales will be about the same as last year and may even rise slightly.
With more inventory available and mortgage rates expected to go down, a few more homes are expected 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 youāre one of them.
As we move into the second half of 2024, hereās what experts say you should expect for home prices, mortgage rates, and home sales.
