Why relief might be on the horizon in 2024 housing market

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

After a year marked by volatile — and frequently high — mortgage rates, little inventory and affordability issues that sidelined many buyers, the 2024 housing market outlook offers more of the same, albeit with some relief.

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Housing economists vary somewhat on their assessments of what’s to come in the for-sale market during the next 12 months, and predicting factors like where mortgage rates will end up can be difficult. Most, however, agree the conditions for housing will improve, even if only slightly, and that’s expected to unlock inventory, moderate home-price appreciation and make transactions easier to achieve.

Many groups that closely track the real estate industry are predicting a decline in mortgage rates, although not to the level seen during the depths of the Covid-19 pandemic. Redfin Corp., for example, anticipates the 30-year fixed-rate mortgage will fall to 6.6% next year, a prediction similar to that of the National Association of Realtors, which predicts an average mortgage rate of 6.3% in 2024. Next year’s rates will close around 6.5%, according to Realtor.com, but most of 2024 is expected to see an average of 6.8%.

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Click here to read the full story on the Orlando Business Journal’s website.

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The black community of West Winter Park feels a new housing project is pricing them out The black community of West Winter Park feels a new housing project is pricing them out (Nikki DeMarco, WFTV.com/WFTV)

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