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Home sales hit a nearly 3-decade low in 2023—lower than they were even during the subprime crisis. Still, some economists have expressed optimism about projected sales in 2024. Mortgage rates have already started to come down, thanks to the Fed's pivot away from short-term interest rate hikes. There are millions of Americans ready and waiting to buy homes, especially older Millennials. Although the record-high rates and limited inventory were enough to keep these prospective homebuyers renting last year, we should sales activity rebound relatively quickly as rates and inventory improve. #HomeSales #RealEstate #HousingMarket #HomeBuying

📊 FreddieMac's National Market Update: Q3 2023 The latest report reveals a mixed bag for the U.S. economy and housing market: The economy witnessed strong growth in Q3, largely propelled by consumer spending. However, we anticipate a gradual deceleration due to the effects of increasing interest rates. The housing market is currently experiencing significant challenges. Higher mortgage rates have led to a notable decline in home sales, marking the lowest level in over a decade. Notably, young adult first-time homebuyers are increasingly receiving support from older co-borrowers, highlighting a new trend in the journey towards homeownership. 🔗 For a comprehensive analysis and what these trends mean for the future of the economy and housing market, read the full report. https://buff.ly/3v3czTs #FreddieMac #MarketInsights #EconomicTrends

📊 FreddieMac's National Market Update: Q3 2023 The latest report reveals a mixed bag for the U.S. economy and housing market: The economy witnessed strong growth in Q3, largely propelled by consumer spending. However, we anticipate a gradual deceleration due to the effects of increasing interest rates. The housing market is currently experiencing significant challenges. Higher mortgage rates have led to a notable decline in home sales, marking the lowest level in over a decade. Notably, young adult first-time homebuyers are increasingly receiving support from older co-borrowers, highlighting a new trend in the journey towards homeownership. 🔗 For a comprehensive analysis and what these trends mean for the future of the economy and housing market, read the full report. https://buff.ly/3v3czTs #FreddieMac #MarketInsights #EconomicTrends

“US home prices to grind higher as cheap mortgage holders stay put: Reuters poll” The Reuters article posted in the comments below 👇 discusses key factors shaping the US housing market. Anticipation of modest interest rate cuts by the Federal Reserve Board is seen sustaining the upward trend in home prices, as lower rates typically encourage borrowing and spending, potentially increasing demand from prospective homebuyers. Existing homeowners' decisions to hold onto their homes, buoyed by historically low mortgage rates obtained during the pandemic, are a key factor in the resilience of home prices. With rates below 3%, far lower than current rates exceeding 7%, selling is less appealing to homeowners, resulting in a limited supply of homes for sale. This scarcity, along with strong demand and a robust economy, has prevented a significant market downturn despite initial concerns post-pandemic price surges. Analysts expect average home prices to steadily rise around 3% annually in the coming years, slightly slower than the pandemic surge but outpacing inflation. This could worsen affordability challenges for prospective buyers. Crystal Sunbury, a senior real estate analyst at RSM, notes that stabilizing mortgage rates will likely support home prices, expecting modest gains. However, she acknowledges the potential for more resale units entering the market as rates ease. Yet, most homeowners are unlikely to sell due to their low mortgage rates, limiting the increase in inventory. The article highlights broader implications for the housing market and the economy. Persistently high housing costs may delay future Fed rate cuts, as they contribute significantly to shelter costs, influencing monetary policy decisions and reflecting the interconnectedness of housing dynamics with broader economic trends. The article highlights challenges for prospective homebuyers, especially young families, with affordability as a central concern. Brad Hunter of Hunter Housing Economics notes the formidable barriers young families face in entering the housing market, emphasizing the widening gap between housing demand and supply, especially for affordable homes, which is unlikely to narrow soon. How might this trend affect the availability of homes for sale and the overall dynamics of the housing market, especially in the context of affordability challenges for prospective buyers, as discussed in the article? Share your thoughts in the comments below 👇! Please like 👍, comment below 👇, or share 👉. Click the 🔔 in my profile to get notified of my posts. And follow me for more content like this. #home #multifamily #homerental #buildtorent

📊 FreddieMac's National Market Update: Q3 2023 The latest report reveals a mixed bag for the U.S. economy and housing market: The economy witnessed strong growth in Q3, largely propelled by consumer spending. However, we anticipate a gradual deceleration due to the effects of increasing interest rates. The housing market is currently experiencing significant challenges. Higher mortgage rates have led to a notable decline in home sales, marking the lowest level in over a decade. Notably, young adult first-time homebuyers are increasingly receiving support from older co-borrowers, highlighting a new trend in the journey towards homeownership. 🔗 For a comprehensive analysis and what these trends mean for the future of the economy and housing market, read the full report. https://buff.ly/3v3czTs #FreddieMac #MarketInsights #EconomicTrends

As we enter 2024, the housing market presents a mixed bag of challenges and opportunities. While 2023 was a tough year with peaking mortgage rates at 7.79%, 2024 brings cautious optimism with a potential easing of rates. Despite home prices remaining high, certain areas might see a softening. The Fed's pause in rate hikes may impact mortgage rates, but the market still grapples with high demand and low inventory. In 2024, the housing market is expected to undergo a gradual transition with a focus on monitoring rate trends and inventory changes. Stay informed on the latest #RealEstateTrends, #HousingMarket2024, and #MortgageRates to make informed decisions. If your thinking of buying or selling a home in 2024 message me and I can help you with all your Real Estate needs. #daniellesellsnj #century21 #c21actionplusrealty

📊 FreddieMac's National Market Update: Q3 2023 The latest report reveals a mixed bag for the U.S. economy and housing market: The economy witnessed strong growth in Q3, largely propelled by consumer spending. However, we anticipate a gradual deceleration due to the effects of increasing interest rates. The housing market is currently experiencing significant challenges. Higher mortgage rates have led to a notable decline in home sales, marking the lowest level in over a decade. Notably, young adult first-time homebuyers are increasingly receiving support from older co-borrowers, highlighting a new trend in the journey towards homeownership. 🔗 For a comprehensive analysis and what these trends mean for the future of the economy and housing market, read the full report. https://buff.ly/3v3czTs #FreddieMac #MarketInsights #EconomicTrends

A record number of Americans are frustrated by today’s housing market and think now is a terrible time to buy. That’s according to Fannie Mae’s latest monthly survey, which found 85% of U.S. consumers said it was a “bad time” to purchase a home in the month of October — the highest share since Fannie Mae began the survey. The U.S. real estate market continues to be plagued by unaffordability issues, with most respondents citing high home prices and high mortgage rates as the primary reasons why they believe it’s a bad time to buy. | By Katie McKellar #housingmarket #realestate #mortgagerates

Is the housing market truly slowing, or are we on the brink of a turnaround? Existing-home sales have hit a 30-year low, but NAR’s chief economist, Lawrence Yun, predicts a market rebound in 2025. A combination of falling mortgage rates and increased inventory could bring more buyers into play. Competition remains fierce, as limited inventory and rising prices impact homebuyers and realtors alike. It's essential we debunk the myths surrounding mortgage rates and the supposed "renter generation" narrative. While affordability constraints are real, a staggering number of homeowners sit on significant equity, enabling future moves despite current high rates. The uptick in new home sales and increased listings in some regions are positive signs. As professionals, we must continue to educate clients on the long-term benefits of homeownership and explore innovative solutions to meet housing demands. Together, let’s prepare for the market’s next wave. #RealEstateTrends #HousingMarket #MarketForecast #Homeownership #RealtorLife #SustainabilityInRealEstate