Experts are predicting a strong Spring Housing Market.
The sharp drop in interest rates may have kickstarted an early spring housing market. A recent report from Redfin, found demand starting to pick up in December as rates fell. In Dec rates were a full percentage point lower than Oct and the prediction is it may fall even lower. Optimism about the rate decline has already started to bring buyers back to the market. The Homebuyer Demand Index was up 10% from a month ago to its highest level since August.
Tight inventory has helped keep prices higher. Overall 2023 was marked by how few sellers there were. However the trend so far for 2024 is leaning towards a slow infusion of inventory. The positive mortgage rate outlook may [incentivize] some sellers to list their homes for sale, helping increase the supply of existing homes in the new year. Compared to last year inventory is predicted to increase especially in the south and central US. Home prices are predicted to increase by 3%-5% over last year.
ความคิดเห็น