The past year has been a particularly brutal one for the housing market. Buyers can’t afford to buy, sellers don’t want to sell, mortgage rates are at 20-year highs, and there are extremely few homes available for sale.
Now the question is if 2024 will be the year the housing market finally becomes unstuck. The answer is sort of.
Affordability is expected to improve a bit in the year ahead, according to the Realtor.com® 2024 forecast. At the very least, our economists don’t anticipate the market getting any more painful for buyers who have been grappling with the worst affordability challenges since the early 1980s.
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By Clare Trapasso
Published on November 29, 2023