EXPERT PREDICTIONS ABOUT THE REST OF 2024 (This was sent to me and I felt you may like to know what the experts are saying)
People who are thinking of buying or selling a home are trying to figure out what’s ahead for the rest of the year. Here’s what industry experts project.
Home Prices. Experts say home prices will continue to climb in most markets around the country—just at a more moderate pace. The Deputy Chief Economist at the National Association of Realtors (NAR): “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.” Yes, there now are more homes on the market, but there still aren’t enough to meet buyer demand. This pushes prices up, though more listings have slowed the pace of price gains.
Mortgage Rates. Experts project mortgage rates should come down a bit later this year, as inflation cools and the Fed lowers the prime rate, which then lowers mortgage bond yields, lowering mortgage rates. However, the drop will most likely be small—and no one expects mortgage rates to return to the super-low levels of 2020-2022. Consequently, it may actually cost buyers more if they wait for these small rate drops while home prices keep rising.
Predictions. Business Insider reports : “…the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond.” Home prices crashed in 2008 because there was an oversupply—too many homes for too few buyers. Even though inventory has recently increased, we’re still well under-supplied.
In summary, the experts project rising prices and inventory, and a small decline in mortgage rates if inflation keeps easing. That makes for a more stable and predictable real estate market—good for buyers and sellers who want to make a move.
If you are looking to purchase or sell, give me a call. I am here to help you make that move!
Mary Cockburn – Associate Broker
505-639-2090
Marycockburn.realtor@gmail.com
Realty One of New Mexico
8500 Menaul Blvd. NE Suite A-240
Albuquerque, NM 87112
