If you've been watching the Grand Forks market from the sidelines, here's what you need to know heading into summer: this market is not cooling down — it's speeding up.In May 2026, 59 homes
Expert Quotes on the 2024 Housing Market Forecast
Dated: December 19 2023
Views: 271
The housing market forecast for 2024 presents an encouraging outlook according to various experts in the field. The challenges faced in 2023, such as high mortgage rates and limited housing availability, are expected to ease, leading to a more favorable market.
**Easing Mortgage Rates:** Expert Mark Fleming, Chief Economist at First American, suggests that mortgage rates, which have recently decreased from their peak near 8%, are likely to continue falling. Jessica Lautz, Deputy Chief Economist at the National Association of Realtors (NAR), echoes this sentiment, indicating that the market is becoming more favorable for those taking on a mortgage to purchase a home.
**Increasing Home Supply:** Lisa Sturtevant, Chief Economist at Bright MLS, predicts an increase in the supply of homes for sale in 2024. This is expected as more buyers and sellers re-enter the market, especially as mortgage rates approach 6.5%.
**Moderation in Home Price Growth:** The Home Price Expectation Survey (HPES) from Fannie Mae, which includes insights from over 100 economists, investment strategists, and housing market analysts, forecasts a slowdown in home price growth. The average prediction is for a 5.9% growth in 2023, followed by a more moderate 2.4% and 2.7% growth in 2024 and 2025, respectively.
**Overall Market Improvement:** Mike Simonsen, President and Founder of Altos Research, summarizes the outlook for 2024 as positive, with slight home-price gains, easing inventory constraints, and increasing transaction volume.
**Bottom Line:** The consensus among experts is that 2024 will be a more favorable year for the housing market. For those looking to buy or sell a home, staying informed through a trusted real estate agent is recommended to keep up with the latest market trends and forecasts.
Josh Steinke
In the dynamic world of real estate in Grand Forks, North Dakota, Josh Steinke stands out as a realtor with a deep connection to the community and a profound understanding of the local property market....
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