What’s Left to Expect in the 2024 Housing Market

As we enter into August, here is what we can expect in the Housing Market for the rest of the year. 

Home Prices Are Expected To Climb Moderately

Home prices have been rising throughout the last few years, and a little more rapidly than expected. However, we can expect prices to rise at a more normal rate than we have been seeing. 

This rise in price is the result of a lack of supply of homes available, and although the inventory has increased since last year, we still are low overall. The good news for buyers is that we will not deal with prices skyrocketing as they did during the pandemic, but rather continue climbing at a slower pace. Our advice to you, the earlier you buy a home, the better. 

Mortgage Rates Are Forecast To Come Down Slightly

We have heard it all year and we are here to tell you it again, mortgage rates are expected to dip down slightly, which is great news for both buyers and sellers. Even the smallest drop in interest rates can make a big difference in monthly payments. For sellers, the lower the rates, the more buyers out there for your home and best chance for multiple offers, which might be enough for you to get off the fence on selling your home.

Home Sales Are Projected To Hold Steady

We can expect home sales to be similar to last year with a possible increase. Lawrence Yun, Chief Economist at NAR, explains why the chance of a rise in sales this year: 

“Job gains, steady mortgage rates and the release of inventory from pent-up home sellers will lead to more sales.”

Ultimately with a dip in mortgage rates, we could see more buyers and sellers in the market, leading to an increase in sales overall. 

Bottom Line

If you are looking to buy and/or sell before the end of 2024, SRG is here to help you find your dream home, or get top dollar for your current home. 68% of our business has come from the months of August-December in the last 5 years and we are here to hone in and get the best possible outcome for you. Call Jim Slater today at 612-590-1802 to start your journey for the second half of the year.

Source

Coldwell Banker Realty