The combination of rising mortgage rates and continued price increases have made buying a home more challenging over the past year or more. But according to a recent Fannie Mae poll of 100 experts from the housing and mortgage industry, relief may be on the way. In fact, the expert panel sees home prices beginning to moderate through the end of this year and into 2025. Their forecast calls for national home price growth of 4.3 percent in 2024, followed by a 3.2 percent increase the year after. The gradual calming of home price increases is due mostly to a rising number of homes for sale. “Listings have trended generally upward of late, suggesting to us that a rising number of current homeowners can no longer put off moving,” Doug Duncan, Fannie Mae’s senior vice president and chief economist, said. “However, we believe the ongoing affordability challenges are likely to weigh on how quickly these new listings convert to actual sales.” Panelists also expect mortgage rates to fall this year, though only modestly. (source)
