As we make our way through the second half of 2024, home sales remain sluggish, with forecasts predicting under 4 million existing home sales by year-end – the lowest in decades. Affordability is at its lowest since the 1980s due to high mortgage rates, and despite a 40% year-over-year increase in inventory, there’s only a 3-month supply, far from a healthy market.
However, there’s reason for optimism.
Mortgage rates are starting to decline, with more drops expected as the Fed cuts rates, improving affordability and encouraging more homeowners to sell. Meanwhile, new home sales are on track to hit 700,000 by year-end, with builders adding inventory in growth regions and offering buyer incentives.
In the following pages, we’ll explore sales trends, pricing, and inventory, offering key data to keep you and your clients informed about the current market and what’s ahead.
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