By the Numbers

Economists were optimistic about the year ahead, but noted that inflation and mortgage rates will be key factors.

While high borrowing costs brought the market to a halt in 2023, there are signs that mortgage rate relief is coming in 2024.

Even with mortgage rates dropping, challenges like affordability and stagnating household finances are keeping consumers wary.

It’s the sixth straight week of declines, coinciding with signals that the economy is cooling.

Mortgage rates, inventory and prices are expected to improve for homebuyers in the new year as the industry responds to commissions-focused court cases.

A new ranking of the top 10 cities for growth includes five Southern California metros that could see double-digit sales growth next year.

The latest CoreLogic report shows delinquencies at record low levels, although there are some warning signs.

Rates edged closer to the 7% mark this week, improving affordability. Coupled with a small bump in listings, that could mean more year-end sales.

Nationally, pending sales slid 1.5% in October as mortgage rates spiked and buyers retreated.

A year ago, many economists forecast that rates would fall within the 5-6% range by the end of 2023, but the economy didn’t behave as expected.

Nashville, which offers a mix of relatively affordable home prices and a low cost of living, made it back onto Redfin’s latest migration destination list.

Forecasts from Realtor.com and Bright MLS offer varying degrees of optimism, with a split on inventory and an eye on wild cards like inflation and the election.

The 5.5% increase for 2024 “seems like a pretty good indication,” that the Federal Housing Finance Agency expects home prices to keep increasing.

A collection of reports show that high mortgage rates weren’t enough to dampen price increases as demand continues to outpace supply.

Despite robust demand, prices continue to drop. It’s all about elevated interest rates, and builders’ response as affordability remains a struggle.

Applications increased as 30-year fixed-rate mortgages declined for a fourth straight week.

October home sales slid 4.1%, representing the steepest single-month decline in 2023 so far.

Building permits and housing starts rose modestly between September and October, suggesting that more supply could be coming online in future months.

As rates decline for a third straight week, mortgage applications have risen, suggesting the possibility of a jump in year-end home sales.

NAR economist expects to see a double-digit rise in both existing and new home sales next year.