2nd Half Of 2024 Housing Forecast

Alice Lema
Broker - John L Scott
[e-mail]
541-301-7980
00:02 🏡 Welcome and introduction to the forecast for the second half of 2024.
00:16 📉 Overview of the first half of 2024 and introduction to housing price predictions.
00:43 📊 Home price predictions: All under 5% appreciation, with some major players being less optimistic.
01:11 🏘️ National Association of Realtors predicts slow but steady rise in home prices.
01:26 💰 Interest rates remain high, contributing to a stagnant market.
01:52 📈 Predicted home price appreciation: 1-2% for Southern Oregon.
02:32 🏦 Interest rates for the second half of 2024 expected to remain around 6.5-7%.
03:13 🤝 Good market for buyers; sellers may need to offer more concessions.
03:26 📉 If inflation cools, interest rates might come down, but this could indicate economic trouble.
04:08 📊 Stability in high rates could be beneficial for predictability in the housing market.
04:33 🏠 Number of home sales compared to 2023: Expected to remain low around 5 million.
05:10 🏗️ Low inventory and insufficient new construction contributing to pressure on home prices.
05:36 ⚖️ Push-pull between home prices, mortgage rates, and home sales volume.
06:16 📉 Current market described as "bottoming," not expected to get worse unless a significant world event occurs.
06:42 📞 Invitation to contact for more details and ongoing market updates.
✅ Summary complete. by Harpa AI

[@Donotoverleverage]

I really feel bad for those that married the house and dated the rate with the hope interest rates drop.