What Will the Housing Market Look Like for the Rest of 2024?
Nov. 6, 2024
Konstantin L / stock.adobe.com
The housing market has faced a number of challenges in 2024, and many industry experts expect these challenges will continue for the remainder of the year.
High home prices, limited inventory, and ever-changing mortgage rates are likely to make the winter 2024 housing market challenging for both buyers and sellers. To figure out what’s in store for the remainder of the year, financial services company Bankrate gathered predictions from professionals throughout the housing industry. Their insights indicate that high mortgage rates and low availability of homes will keep housing affordability tight. However, if mortgage rates decrease—as some experts predict—that could spur market activity.
“The uncertainty over rates is a contributing factor to slow sales, as existing homeowners choose to stay in their current homes longer to see if rates will drop even further,” says Nina Gidwaney, head of refinance and home equity at Chase Home Lending.
Chen Zhao, who leads the economics team at Redfin, thinks prospective homebuyers may get something of a reprieve thanks to the Fed’s late-2024 rate cuts. “We are not expecting sales to increase dramatically [though], as rates are likely to remain above 6 percent.”Read more
