Market Predictions for 2024 are Positive
Each year, the National Association of Realtors (NAR) publishes an economic forecast to predict the future of the housing market based on recent trends.
In December 2023, the national housing market saw an 8.3% increase in pending home sales. In particular, the South’s Pending Home Sales Indicator (an indicator of future home sales) soared 11.9% in December and saw an increase in year-over-year transactions.
Economists and industry experts suggest a positive future for the 2024 housing market. The NAR projects a 13% increase in existing home sales in 2024.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “… Home sales are projected to rise significantly in each of the next two years as the market steadily returns to normal sales activity.”1
Additionally, it is predicted that the Federal Reserve will decrease mortgage rates several times throughout the year, maintaining a 6% to 7% rate, positively contributing to home affordability.
If you’re ready to consider your options for either buying, selling, or both, call our team at HomeSource Realty at (828) 252-1023. We’d love to show you available homes, introduce you to the Asheville area, or help you get top dollar for your current home – whatever your need is!
1Source: https://www.nar.realtor/newsroom/pending-home-sales-climbed-8-3-in-december