By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Wealth Beat NewsWealth Beat News
  • Home
  • News
  • Finance
  • Investing
  • Banks
  • Mortgage
  • Loans
  • Credit Cards
  • Small Business
  • Dept Management
Notification Show More
Aa
Wealth Beat NewsWealth Beat News
Aa
  • News
  • Finance
  • Investing
  • Banks
  • Mortgage
  • Loans
  • Credit Cards
  • Small Business
  • Dept Management
Follow US
Wealth Beat News > Mortgage > Home prices could spike nearly 5% in 2024: Zillow
Mortgage

Home prices could spike nearly 5% in 2024: Zillow

News
Last updated: 2023/11/01 at 1:28 PM
By News
Share
6 Min Read
SHARE

Contents
Home sales to keep trending downward: Zillow forecast Interest rates could increase soon 

Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would increase 4.9% from August 2023 through August 2024, according to the latest Zillow Home Value Index. 

However, this marks a downward revision from last month’s projection of a 6.5% increase from July 2023 to July 2024.

“August brought an unexpected late-summer uptick in the number of new for-sale listings entering the market,” Zillow said in its data report. 

New listings increased by 4% from July to August, according to Zillow’s home value index. That signaled the first time that new listings increased over those two months, according to Zillow’s records. 

“To be clear, August’s new listings total – as well as total for-sale inventory – remains well below typical levels seen prior to the pandemic, and inventory conditions remain very tight,” Zilow said. “This unusual late-summer supply uptick helped to ease market conditions some, causing our outlook for home values to cool.”

If you’re ready to become a homeowner, you could find the best mortgage rate by shopping around. Visit Credible to compare rates from different lenders without affecting your credit score. 

MORTGAGE DELINQUENCY RATES FALL ACROSS THE U.S.

Home sales to keep trending downward: Zillow forecast 

Total home sales are expected to reach 4.1 million in 2023, marking an 18% decline from last year, according to Zillow’s forecast. And Zillow’s researchers expect sales volumes to remain sluggish amid tight inventory conditions and the resilience of high mortgage rates. 

Aditionally, the total number of available homes for sale dropped 16% as many home sellers remain reluctant to jump into the market and risk losing the low mortgage rates they secured before recent increases, according to the latest research by Redfin.

Still, some home sellers could see opportunity in the current housing market. 

“A few more home sellers have jumped off the sidelines,” Redfin said in its report. “New listings have stabilized, ticking up slightly since the beginning of September. They’re down 7% from a year earlier, but that’s the smallest decline since July 2022.

“It’s possible that some homeowners are taking advantage of rising home prices and low inventory, counting on being one of the only homes for sale in their neighborhood,” Redfin continued.

If you’re looking to keep home buying costs down, it could help to shop around for the best mortgage rate. Visit Credible to get your personalized rate in minutes.

HOMEBUYERS ARE PAYING ABOVE LIST PRICE IN COMPETITIVE MARKET: SURVEY 

Interest rates could increase soon 

Even though the Federal Reserve put the brakes on another interest rate hike in its September meeting, Fed leadership has said it won’t keep future rate hikes off the table until inflation is down to its preferred target. 

“Inflation remains well above our longer-run goal of 2%,” Federal Reserve Chairman Jerome Powell said at a press conference. “We’re prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objectives.”

Inflation increased to 3.7% in August, representing the most significant month-over-month hike since June 2022, according to the latest Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS). That left the federal funds rate at a 22-year high of 5.25% to 5.5%

“While the Fed is holding steady for now, inflation remains stubborn, with increasing rent and housing leading the way in rising household costs,” CoreLogic Chief Economist Selma Hepp said in a statement. 

And as the Fed looks on to meet its long-term goals, it could maintain a tight grip on monetary policy for the months to come. 

“With market expectations coalescing around the idea of ‘tighter for longer’ monetary policy, the Fed’s updated outlook offered telling clues,” Realtor.com Chief Economist Danielle Hale said in a statement. “The 2023 year-end projection remains at 5.6%, meaning that another rate hike before year’s end is not only on the table, it is consistent with the median viewpoint.”

If you’re worried about interest rates getting higher, you could find the best rate now by exploring options from different lenders. Visit Credible to speak with a mortgage expert and get your questions answered.

HOUSEHOLD INCOME DROPS AMID HIGH INFLATION

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Read the full article here

News November 1, 2023 November 1, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Fast Four Quiz: Precision Medicine in Cancer

How much do you know about precision medicine in cancer? Test your knowledge with this quick quiz.
Get Started
Excelerate Energy: Nearby Best Energy-Source Cap-Gain Prospect (NYSE:EE)

The primary focus of this article is Excelerate Energy, Inc. (NYSE:EE). Investment…

Penske Is Steady, But The Road Ahead May Be Bumpy (NYSE:PAG)

Investing Thesis On Wednesday, Penske Automotive Group (NYSE:PAG) released a superficially encouraging…

Top Financial – No, Stop It, This Is Silly (NASDAQ:TOP)

TOP Financial Moves, yes, but why? TOP Financial (NASDAQ:TOP) was quite the…

You Might Also Like

Mortgage

Mortgage rates fall for fifth straight week, lowest since mid-April

By News
Mortgage

Mortgage rates fall for 4th straight week, lowest since early May

By News
Mortgage

US regulator directs Fannie Mae, Freddie Mac to consider cryptocurrency as an asset

By News
Mortgage

Home sellers face harsh new reality as listings hit record $698B value

By News
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Contact US
More Info
  • Newsletter
  • Finance
  • Investing
  • Small Business
  • Dept Management

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions

Join Community

2025 © wealthbeatnews.com. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc.

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?