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.
Housing economists vary somewhat in 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.
Metro Phoenix is entering a weak seller's market again, said Tina Tamboer, senior housing analyst for The Cromford Report.
"We are expecting median prices to be flat and stable in the first months of 2024, then slowly rise as long as rates remain stable," she said.
