New Home Sales Expected To Rise in 2024
NAR forecasts a boost in existing home sales, with Chief Economist Yun projecting a 13.5% increase to 4.71 million units in 2024. The anticipation stems from improved inventory and slightly lower mortgage rates providing breathing room for buyers. Yun also predicts continued growth in new home construction, contributing to a total of 1.48 million housing starts, with Austin, Texas, identified as a top market due to pent-up demand.
According to CNN, based on pent-up demand, he said, Austin, Texas, will be the top real estate market to watch.
“Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region,” Yun said in a statement.
Other areas where NAR predicts markets will outperform the national average are the following cities: Dallas and Fort Worth, Texas; Dayton, Ohio; Durham and Chapel Hill, North Carolina; Harrisburg, Pennsylvania; Houston; Nashville, Tennessee; Philadelphia; Portland, Maine; and Washington, DC.
