WRE News December 14, 2023
Buyer
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:
Stay up to date on the latest real estate trends.
Buyer
July 1, 2025
Multi-generational living is on the rise.
Seller
June 30, 2025
Here’s something you need to know.
Buyer
June 29, 2025
We’ve officially reached the dog days of summer, and it’s not just you panting for relief.
Buyer
June 29, 2025
When choosing a fresh coat of paint for your space, picking the perfect color can feel like the most daunting task.
Buyer
June 29, 2025
If you're tired of seeing plain white walls and neutral interiors, then you'll be pleased to know that deeper jewel tones are trending again.
Lifestyle
June 28, 2025
Peppers add color, crunch, and a kick of flavor to everything from fajitas to fresh salads, but these heat‑lovers thrive when surrounded by the right garden friends.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today