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Based on the trends we can see after the start of the year, I’ll project 2024 will see about 15% home sales growth over 2023. Home prices will be up this year by a few percentage points, also.
These are very clear trends as we start the new year. 2022 started insanely strong and weakened rapidly in the second quarter. 2023 started with recovery, but slowed down in Q3 as mortgage rates hit 8%. But, 2024 is starting stronger than last year. And demand is increasing each week.
Could the housing market change and slow again in 2024? That’s certainly possible. But as of right now each week is showing increasing activity. The data does not show any slowing on any of the active market metrics.
Home sales are increasing every week.
Inventory is inching up.
Home price signals are increasing too.
Sellers are coming back
There are 499,000 single-family homes unsold on the market now. That’s 2.75% fewer than last week, but 6% mor …
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