[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$fw5dhsnnh4lxu":3,"$fbwk2pqjjqsc7":39},{"item":4,"previous":27,"next":33},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":14,"isInfographic":15,"categories":16,"isVideo":15,"videoThumbnail":9,"videoSource":9,"publishedAt":25,"updatedAt":26},43913,"expert-home-price-forecasts-for-2024-revised-up","Expert Home Price Forecasts for 2024 Revised Up","\u003Cp>Over the past few months, experts have revised their 2024 home price forecasts based on the latest data and market signals, and they’re even more confident prices will rise, not fall.\u003C\u002Fp>","","blog","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240220\u002FHeader-Image-20220524-Blog.png","\u003Cp>Over the past few months, experts have revised their 2024 home price \u003Ca href=\"\u002F2024\u002F01\u002F23\u002Fexperts-project-home-prices-will-increase-in-2024\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">forecasts\u003C\u002Fa> based on the latest data and market signals, and they’re even more confident prices will rise, not fall.\u003C\u002Fp>\u003Cp>So, let’s see exactly how experts’ thinking has shifted – and what’s caused the change.\u003C\u002Fp>\u003Ch4>\u003Cstrong>2024 Home Price Forecasts: Then and Now\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>The chart below \u003Ca href=\"https:\u002F\u002Fwww.goldmansachs.com\u002Fintelligence\u002Fpages\u002Fus-home-prices-forecast-to-climb-as-mortgage-rates-fall-in-2024.html\" rel=\"noopener noreferrer\" target=\"_blank\">shows\u003C\u002Fa> what seven expert organizations \u003Ca href=\"https:\u002F\u002Fwww.mba.org\u002Fnews-and-research\u002Fforecasts-and-commentary\u002Fmortgage-finance-forecast-archives\" rel=\"noopener noreferrer\" target=\"_blank\">think\u003C\u002Fa> will happen to home \u003Ca href=\"https:\u002F\u002Fwww.zillow.com\u002Fresearch\u002F2024-housing-predictions-33447\" rel=\"noopener noreferrer\" target=\"_blank\">prices\u003C\u002Fa> in 2024. It compares their first 2024 home price \u003Ca href=\"https:\u002F\u002Fwww.fanniemae.com\u002Fmedia\u002F50096\u002Fdisplay\" rel=\"noopener noreferrer\" target=\"_blank\">forecasts\u003C\u002Fa> (made at the end of 2023) with their newest \u003Ca href=\"https:\u002F\u002Fwww.freddiemac.com\u002Fresearch\u002Fforecast\u002F20240122-us-economy-continues-expand\" rel=\"noopener noreferrer\" target=\"_blank\">projections\u003C\u002Fa>:\u003C\u002Fp>\u003Cp> \u003Ca href=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240220\u002F20240222-2024-Home-Price-Forecasts.png\" rel=\"noopener noreferrer\" target=\"_blank\">\u003Cimg src=\"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240220\u002F20240222-2024-Home-Price-Forecasts.png\" alt=\"a blue and white graph with text\">\u003C\u002Fa>\u003C\u002Fp>\u003Cp>The middle column shows that, at first, these \u003Ca href=\"https:\u002F\u002Fwww.fanniemae.com\u002Fresearch-and-insights\u002Fsurveys-indices\u002Fhome-price-expectations-survey-hpes\" rel=\"noopener noreferrer\" target=\"_blank\">experts\u003C\u002Fa> thought home prices would only go up a little this year. But if you look at the column on the right, you'll see they've all updated their \u003Ca href=\"https:\u002F\u002Fcdn.nar.realtor\u002Fsites\u002Fdefault\u002Ffiles\u002Fdocuments\u002Fforecast-q1-2024-us-economic-outlook-01-26-2024.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">forecasts\u003C\u002Fa> and now think prices will go up more than they originally thought. And some of the differences are major.\u003C\u002Fp>\u003Cp>There are two big factors keeping such strong upward pressure on home prices. The first is how few homes are for sale right now. \u003Ca href=\"https:\u002F\u002Fwww.businessinsider.com\u002Fpersonal-finance\u002Fhousing-market-predictions-2024\" rel=\"noopener noreferrer\" target=\"_blank\">According\u003C\u002Fa> to \u003Cem>Business Insider\u003C\u002Fem>:\u003C\u002Fp>\u003Cblockquote>\u003Cem>“\u003C\u002Fem>\u003Cstrong>\u003Cem>Low home inventory is a chronic problem in the US.\u003C\u002Fem>\u003C\u002Fstrong>\u003Cem> This has generally kept home prices up . . .”\u003C\u002Fem>\u003C\u002Fblockquote>\u003Cp>A lack of housing inventory has been pushing \u003Ca href=\"\u002F2024\u002F02\u002F15\u002Fdont-let-the-latest-home-price-headlines-confuse-you\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">prices\u003C\u002Fa> up for a long time now – and that’s not expected to change dramatically this year. But what has changed a bit is \u003Ca href=\"\u002F2024\u002F02\u002F12\u002Fwhats-really-happening-with-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa>.\u003C\u002Fp>\u003Cp>Late last year when most housing market experts were calling for home prices to rise only a little bit in 2024, \u003Ca href=\"\u002F2024\u002F01\u002F30\u002F2-of-the-factors-that-impact-mortgage-rates\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa> were up and buyer demand was more moderate.\u003C\u002Fp>\u003Cp>Now that rates have come down from their peak last October, and with \u003Ca href=\"\u002F2023\u002F12\u002F20\u002Fwhy-mortgage-rates-could-continue-to-decline\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">further declines\u003C\u002Fa> expected over the course of the year, buyer demand has picked up. That increase in demand, along with an ongoing lack of inventory, is what’s caused the experts to feel the upward pressure on prices will be stronger than they expected a couple months ago.\u003C\u002Fp>\u003Ch4>\u003Cstrong>A Look Forward To Get Ahead of the Next Forecast Revisions\u003C\u002Fstrong>\u003C\u002Fh4>\u003Cp>Real estate experts regularly revise their home price forecasts as the housing market shifts. It’s a normal part of their job that ensures their projections are always up-to-date and factor in the latest changes in the housing market.\u003C\u002Fp>\u003Cp>That means they’ll continue to revise their projections as the housing market changes, just as they’ve always done. How those forecasts change next is anyone’s guess, but pay attention to \u003Ca href=\"\u002F2024\u002F01\u002F17\u002F2-reasons-why-todays-mortgage-rate-trend-is-good-for-sellers\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">mortgage rates\u003C\u002Fa>.\u003C\u002Fp>\u003Cp>If they trend down as the year goes on, as they’re expected to do, that could lead to more buyer demand and even higher home price forecasts.\u003C\u002Fp>\u003Cp>\u003Cstrong>Basically, it’s all about supply and demand. With supply still so limited, anything that causes demand to go up will likely cause prices to go up, too.\u003C\u002Fstrong>\u003C\u002Fp>","\u003Cp>At first, experts believed \u003Ca href=\"\u002F2024\u002F01\u002F12\u002Fhome-prices-forecast-to-climb-over-the-next-5-years-infographic\u002F\" rel=\"noopener noreferrer\" target=\"_blank\">home prices\u003C\u002Fa> would only go up a little this year. But now, they've changed their minds and forecast prices will grow even more than they originally thought. Let’s connect so you know what to expect with prices in our area.\u003C\u002Fp>","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240220\u002F20240222-2024-Home-Price-Forecasts.png",false,[17,21],{"id":18,"name":19,"slug":20},9,"Home Prices","home-prices",{"id":22,"name":23,"slug":24},327,"Forecasts","forecasts","2024-02-22T11:30:00Z","2024-04-11T20:12:54Z",{"id":28,"slug":29,"title":30,"featuredImage":31,"publishedAt":32,"contentType":10,"isVideo":15},43992,"some-experts-say-mortgage-rates-may-fall-below-6-later-this-year","Some Experts Say Mortgage Rates May Fall Below 6% Later This Year","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240220\u002F20240221-Some-Experts-Say-Mortgage-Rates-May-Fall-Below-6-Later-This-Year.png","2024-02-21T11:30:00Z",{"id":34,"slug":35,"title":36,"featuredImage":37,"publishedAt":38,"contentType":10,"isVideo":15},44324,"how-changing-mortgage-rates-impact-you-infographic","How Changing Mortgage Rates Impact You [INFOGRAPHIC]","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20240222\u002FHow-Changing-Mortgage-Rates-Impact-You-KCM-Share.png","2024-02-23T11:30:00Z",[40,44,48,52,56,60,61,65,69,73,77,81,85,89,93,97,101,105,109,113,117,121,125,129,133,137,141,142,146,150],{"id":41,"name":42,"slug":43},1,"Uncategorized","uncategorized",{"id":45,"name":46,"slug":47},5,"For Buyers","buyers",{"id":49,"name":50,"slug":51},6,"For Sellers","sellers",{"id":53,"name":54,"slug":55},7,"Foreclosures","foreclosures",{"id":57,"name":58,"slug":59},8,"Infographics","infographics",{"id":18,"name":19,"slug":20},{"id":62,"name":63,"slug":64},11,"First-Time Buyers","first-time-buyers",{"id":66,"name":67,"slug":68},34,"Senior Market","senior-market",{"id":70,"name":71,"slug":72},35,"Mortgage Rates","mortgage-rates",{"id":74,"name":75,"slug":76},38,"Move-Up","move-up",{"id":78,"name":79,"slug":80},41,"For Sale by Owner","for-sale-by-owner",{"id":82,"name":83,"slug":84},42,"Featured","featured",{"id":86,"name":87,"slug":88},45,"New Construction","new-construction",{"id":90,"name":91,"slug":92},52,"Luxury \u002F Vacation","luxury--vacation",{"id":94,"name":95,"slug":96},53,"Rent vs. Buy","rent-vs-buy",{"id":98,"name":99,"slug":100},80,"Time-sensitive","time-sensitive",{"id":102,"name":103,"slug":104},81,"Outdated","outdated",{"id":106,"name":107,"slug":108},147,"Internal","internal",{"id":110,"name":111,"slug":112},148,"Do Not Autopost","do-not-autopost",{"id":114,"name":115,"slug":116},320,"Inventory","inventory",{"id":118,"name":119,"slug":120},321,"Agent Value","agent-value",{"id":122,"name":123,"slug":124},322,"Affordability","affordability",{"id":126,"name":127,"slug":128},323,"Buying Tips","buying-tips",{"id":130,"name":131,"slug":132},324,"Downsize","downsize",{"id":134,"name":135,"slug":136},325,"Economy","economy",{"id":138,"name":139,"slug":140},326,"Equity","equity",{"id":22,"name":23,"slug":24},{"id":143,"name":144,"slug":145},328,"Selling Tips","selling-tips",{"id":147,"name":148,"slug":149},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":151,"name":152,"slug":153},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]