Every market is unique, yet the national sentiment has given rise to the notion that housing markets are stalling. Although desirous buyers are out on an increasing number of showings, there remains a limited number of desirable listings. Home prices have reached unaffordable levels for many new entrants into the housing pool at exactly the same time that established owners are proving to be less interested in moving.
It’s been one of the most challenging years on record for the housing market, with rock-bottom inventory and mortgage rates hitting highs not seen in the past two decades. If you’ve been hoping to buy or sell in the new year, you’re probably wondering if we’ll ever see any relief.
NAR(NATIONAL ASSOCIATION OF REALTORS) predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023.
Annual median home prices are expected to remain largely unchanged at the national level in 2024, for the second straight year, modestly improving affordability from rising income.