NEW JERSEY, USA — Homebuyers faced a tough real estate market this year, with home prices continuing their upward march and mortgage rates reaching their highest levels in more than 20 years. Making matters worse, homes for sale were in short supply, putting more upward pressure on prices.
The question is whether 2024 will deliver more of the same, or if homebuyers could see some relief next year. Housing experts provided CBS MoneyWatch with their forecasts for the coming year.
Will home prices keep rising in 2024?
There’s some good news on this front. Home prices are likely to be flat or even dip around 1% in 2024, Daryl Fairweather, chief economist at Redfin, told CBS MoneyWatch. Realtor.com expects a slightly larger decrease in home prices, predicting a 1.7% decline next year.
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