U.S. Existing Home Sales Likely to Reach Almost 30-Year Low in 2024
U.S. Existing Home Sales Forecast for 2024
U.S. existing home sales are anticipated to decline dramatically, with estimates suggesting they will reach their lowest levels in nearly three decades in 2024. Even with recent improvements in mortgage rates and housing supply in certain regions, affordability challenges persist, impacting buyer activity.
Factors Influencing Home Sales
- Mortgage Rates: Recent decreases are not sufficient to counterbalance overall affordability.
- Housing Supply: While supply is improving, it remains inadequate to significantly boost sales.
- Buyer Demand: Economic constraints and high prices continue to deter potential buyers.
Implications for the Housing Market
The outlook for the housing market indicates a continued struggle as affordability remains a dominant challenge. Fannie Mae's analysis highlights the critical nature of these market conditions and their possible longevity into 2024.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.