What Experts Say About the Housing Market in 2024

Experts forecast home prices will go up over the next five years.

1. They expect Mortgage Rates to go down. Mortgage Rates have already retreated from recent peaks near 8% and may fall further, according to Mark Fleming, Chief Economist First American.
2. They project there will be more homes for sale. Supply will loosen up in 2024 with more moves and more listings over the course of the year, particularly as rates move closer to 6.5%, according to Lisa Sturtevant, Chief Economist, Bright MLS.
3. They forecast that the Home Price Growth will moderate. On average, the panel anticipates home price growth to clock in at 5.9% in 2023, to be followed by slower growth in 2024 and 2025 of 2.4% and 2.7% respectively (HPES – Home Price Expectations Survey).

All in all, things are looking up for the U.S housing market in 2024 according to Mike Simonsen, President and Founder of Altos Research. The same is true here in Vero Beach as the expectation is that home prices will moderate and the retreating mortgage rates is good news for both buyers and sellers of Vero Beach real estate.

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