Many are curious about the outlook for home prices next year. Of course, no one can accurately predict the future, but we can make informed estimates based on the projections of real estate experts. Today, I'd like to share the recent forecasts from real estate professionals.
The following graph illustrates the 2024 real estate price outlook presented by Fannie Mae, the Mortgage Bankers Association (MBA), and the National Realtor Association. Among the graphs, the left side represents the forecast for 2023, while the right side depicts the outlook for 2024. The leftmost section shows the average of these three institutions.
While many may hope for a decrease in home prices next year, the forecast suggests that home values will continue to rise. According to experts, the average projection is a 1.5% increase.
Now, what about home sales volume?
As shown in the graph below, it appears that transaction volumes will also see a slight increase. The average forecast for next year's transaction volume is 5.2 million. With a slightly higher volume, potential buyers will have more options to choose from when selecting their homes.
I look forward to bringing you more insightful articles in the future.
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