With home prices historically high and inventory still very tight, many prospective sellers and hopeful buyers are feeling nervous about today’s housing market.

The median sale price for an existing home in the U.S. was $387,600 as of November 2023, the fifth straight month of year-over-year price increases. And after rising above 8 percent in October, the average 30-year mortgage rate was 6.88 percent as of late December 2023 — still higher than most homeowners’ locked-in rates, but a welcome reprieve from the recent 20-year highs.

Home prices, mortgage rates and inventory levels will all shape housing affordability in the coming year. Curious where these trends may go? Read on to learn what the experts predict for the 2024 housing market.

To continue reading the rest of the article, please click on the source link below:

https://www.bankrate.com/real-estate/housing-market-2024/

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