A favorable climate for home acquisitions in 2024 is indicated by the fact that 79% of potential homebuyers have not made a purchase in the past year. The main obstacles they face are mortgage rates and finding the perfect property. Additionally, 30% of these potential buyers are venturing into homeownership for the first time.
Key Insights from Industry Experts
The housing market is closely tied to the bond market, and as mortgage rates approached 8%, the market did experience a slowdown, although not as severe as the previous year. The growth in housing inventory was slower, and the year-over-year price growth percentage remained below the levels of 2022, even when mortgage rates reached 8%. However, with mortgage rates dropping by almost 1% from their peak, we have already witnessed an increase in demand from the low levels, similar to what occurred at the end of last year.
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