Home sales outlook

In Mortgage interest rates forecast, I mentioned that forecasts for home sales and prices in the coming year are mixed. Economists can interpret the same data somewhat differently and draw their own conclusions, but an article today in REALTOR Magazine points out that different market areas may well see different results. The article begins:

“After two years of sharp declines, existing-home sales are poised for improvement in 2024. But first, this slice of the housing market must weather the rest of a rocky year in 2023, with existing-home sales expected to end up 18% lower than those of 2022, according to the National Association of REALTORS®. That puts these transactions on track for their worst year in more than a decade.

“NAR Chief Economist Lawrence Yun joined other leading housing analysts Tuesday at NAR’s virtual Real Estate Forecast Summit to discuss sales projections heading into 2024—and the experts agreed that better days are ahead for the real estate market.”

The Austin area is one of ten metros to watch for strong housing demand in 2024. Read the entire article at Economists: Turnaround in Home Sales Likely in 2024.