Housing Market Update, Mortgage Rates, and 2024 Forecast
Mortgage Rates Drop Below Seven Percent
Potential homebuyers received welcome news this week as mortgage rates dropped below seven percent for the first time since August. Given inflation continues to decelerate and the Federal Reserve Board’s current expectations that they will lower the federal funds target rate next year, there will likely be a gradual thawing of the housing market in the new year.
A Roundup of Our Best Homebuying Advice From 2023
Dear would-be homebuyers: We see you. You had a rough year. Mortgage rates hit highs not seen in 22 years, home prices remained at budget-busting levels, and the listing pages were not exactly bursting at the seams. But after you take a deep cleansing breath, we have some great news for you. The next year is shaping up to be your year. Mortgage rates are predicted to fall, more homes are set to hit the market, and as for home prices? Yup, those are likely headed south. Phew.
Breaking Down Housing Economists’ 2024 Forecasts
As 2023 draws to a close, housing professionals hope for relief from the high mortgage rates, terrible inventory levels, and slow sales that characterized the year. They may find that relief for mortgage rates next year, according to forecasts from various industry experts compiled by HousingWire.
United States Housing Market Update
Nationwide, 25% of homebuyers searched to move to a different metro area between Sep '23 - Nov '23. The top 5 states homebuyers searched to move to were Florida, North Carolina, Tennessee, South Carolina, and Maine while California, New York, Illinois, Massachusetts, and the District Of Columbia were the top 5 states homebuyers searched to move from.
Now for the Housing Market Update in our area (Las Vegas, Henderson, and Boulder City, NV)
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