RISMedia | Michael Catarevas
When Bright MLS Chief Economist Dr. Lisa Sturtevant finished predicting 2024 mortgage rates, inventory levels, inflation numbers and more at RISMedia’s Rocking in the New Year virtual event during her session titled, “The 2024 Economy: Are Things Finally Getting Better?” she made two points that REALTORS® nationwide could take to heart.
One was that many more homes will be sold this year than in 2023, and also that it’s more important than ever for homebuyers and sellers to have real estate professionals help them navigate the market.
“In 2023, we had about 4.2 million sales,” she said. “Part of the reason why sales were down and at their lowest level in a decade was higher mortgage rates. But lack of supply was the primary driver of fewer sales. The forecast from Bright is that there will be 4.6 million home sales in 2024. That is below the long-term average, which is typically about 5 million sales a year, but it still represents a really decent uptick.
Read the full article: All Signs Point to 2024 Home Sales Reversing Negative Trends of 2023
