The US Housing Market: Forecast, Trends, and Impact on Home Prices

⚠️Realtor.com predicts a significant decline in housing prices in 2024, particularly in major US cities.

🏡Factors influencing this trend include higher mortgage rates, changes in buyer behavior, and the evolving economic landscape.

📉Despite high prices, home sales have dropped due to low supply.

📈Affordability challenges and high mortgage rates are likely to keep home sales low, with only a slight increase projected for 2024.

🏢The rental market is expected to see a mild decline in median asking rents.

What factors contribute to the decline in housing prices?

—Factors include higher mortgage rates, changes in buyer behavior, and the evolving economic landscape.

Why are home sales dropping?

—Home sales have dropped due to low supply and affordability challenges caused by high mortgage rates.

Will the rental market be affected by the decline in home prices?

—The rental market is expected to see a mild decline in median asking rents, providing some relief to renters.

00:01Realtor.com predicts a significant decline in housing prices in 2024, particularly in major US cities.

01:10Home sales have dropped due to low supply and affordability challenges caused by high mortgage rates.

03:33Factors influencing the decline in housing prices include higher mortgage rates, changes in buyer behavior, and the evolving economic landscape.

05:58The rental market is expected to see a mild decline in median asking rents, offering some relief to renters.