Trends In The Housing Market
The housing market is experiencing some interesting trends in 2024. Here are a few key points:
*Mortgage Rates: mortgage rates remain typically high between 6% and 7%. This has constrained home sales , as many homeowners are reluctant to sell and lose their lower-rate mortgages.
* Home prices: Despite high mortgage rates , home prices have generally held steady due to limited supply. However, they are regional variations, with some seeing significant price increases.
* New Construction: There is a growing supply of newly built homes, which could be a bright spot for buyers. Builders are offering incentives like interior upgrades and mortgage rate buy downs to attract buyers.
*Rental Market:Rental growth is expected to flatten as more supply enters fast growing markets. Single -family rentals are likely to see faster growth compared to multi family units.
