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NAR'S Chief Economist Forecast 4.71 Million Existing Home Sales In 2024

WRE News December 14, 2023

Buyer

NAR'S Chief Economist Forecast 4.71 Million Existing Home Sales In 2024

A new forecast by Lawrence Yun, chief economist for the National Association of Realtors (NAR), is predicting the sale of 4.71 million existing homes during 2024.

Speaking before NAR’s fifth annual year-end Real Estate Forecast Summit: The Year Ahead, Yun predicted 2024 home sales will rise 13.5% year-over-year while the median home price will reach $389,500, a 0.9% uptick from this year.

Yun stated there will be 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily properties. He expected rental housing prices to calm while foreclosure rates remain at historically low levels of less than 1% of all mortgages.

“The demand for housing will recover from falling mortgage rates and rising income,” Yun said. “In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years. The selected top 10 U.S. markets will experience faster recovery in home sales.”

NAR also identified the 10 real estate markets with the most pent-up housing demand that will outperform other metro areas in 2024:

Austin-Round Rock-Georgetown, Texas
Dallas-Fort Worth-Arlington, Texas
Dayton-Kettering, Ohio
Durham-Chapel Hill, North Carolina
Harrisburg-Carlisle, Pennsylvania
Houston-The Woodlands-Sugar Land, Texas
Nashville-Davidson-Murfreesboro-Franklin, Tennessee
Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Delaware-Maryland
Portland-South Portland, Maine
Washington-Arlington-Alexandria, D.C.-Virginia-Maryland-West Virginia

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