Economists are optimistic about this coming year, especially as mortgage rates are expected to be lower and inflation appears to be slowing. Below are some top predictions from the experts.

• Mortgage rates are expected to ease. Forecasters are calling for rates to be in the 6% range.
• Home prices will continue to rise. The Home Price Expectation Survey from Fannie Mae, on average, anticipates home price growth at 5.95% in 2023, followed by slower growth in 2024 at 2.4% and 2.7% in 2025.
• The housing market will remain competitive. This is due to several factors, including population growth, strong job growth, and a limited supply of homes for sale.
• The supply of homes should loosen up somewhat as mortgage rates drop and changing circumstances will lead to more moves and new listings.

Overall, there are positive signs this will be a better year for the housing market with the expectation 2024 will see slight home-price gains, lower mortgage rates, and a somewhat easing of inventory constraints. Prices will vary by local markets, but experts project they will continue to rise across the country at a pace that’s more normal. 

Contact me to find out how the market may impact your buying or selling goals.

Donna Forest M: 603-731-5151 donna@donnaforest.com Follow her on Facebook