The housing market is expected to grow to 4.71 million existing home sales in 2024, and an improved outlook for home buyers, according to a new report by the NATIONAL ASSOCIATION OF REALTORS®’ Chief Economist Lawrence Yun. This would be an increase of 13.5 percent compared to 2023. Home prices are expected to rise only slightly, by about 0.9 percent from 2023.
After eclipsing 8 percent in late 2023, Yun expects the 30-year fixed mortgage rate to average 6.3 percent and that the Fed will cut rates four times. “Housing inventory is expected to rise by around 30 percent as more sellers begin to list [their homes] after delaying selling over the past two years,” said Yun. He also foresees 1.48 million housing starts (homes that begin construction) in 2024, including 1.04 million single family and 440,000 multifamily homes.