Home Inventory Levels – The Quest for Your Dream Home in 2024

With 2024 ahead of us – what is the home buying outlook based on mortgage rates and inventory levels?

During 2023 home buyers resonated with Oscar Wilde when he said: “There are only two tragedies in life: one is not getting what one wants, and the other is getting it.”

At times it felt impossible to find a home with:

• Mortgage rates reaching a 23-year high.
• Home sales sinking to a 13-year low.
• Prices hitting the highest levels ever.
• Un-Affordability Index at its worst level since 1984 according to CNN

 But wait, all is not lost, and there may be hope for 2024.

 CNBC reported that:

•  Home prices should remain flat during 2024.
• New listings and inventory levels are and should continue improving.

 Forbes commented that: the Fed kept interest rates unchanged for three months in a row at the end of 2023 and even signaled some reductions in 2024. This led to mortgage rates retreating from close to 8% at its high to 6.5% by years end. If inflation continues to behave close to the Fed target mortgage rates could improve even more.

With 2024 being an election year the odds are that we will not face a recession resulting in a stable jobs market.

The lack of inventory was the story in 2023. As always real estate is local so check out what is happening with listings in your local market by clicking on your state below.

If you are still dreaming on your own home, a second vacation home or an investment property 2024 may be your year!

Here are some helpful resources:

Buying a home

Renters

Opportunities for business owners and the self-employed