2024 Real Estate Predictions
Lawrence Yun, the National Association of Realtors® (NAR) Chief Economist, has analyzed the U.S. residential real estate market, noting high mortgage rates, elevated home prices, and limited inventory as ongoing challenges. He projected an 18% decrease in home sales for 2023, following a previous 17% drop in 2022, largely due to rising interest rates. Yun said he expects interest rates to decline to around 6-7% by spring, potentially boosting sales. He also anticipates a 15% increase in existing home sales in the coming year, with builders benefiting significantly from the current housing shortage. The market's competitiveness and diverse business models have been advantageous for both homebuyers and homeowners in the U.S.
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