2024 Will Be a ‘Pivot Year’ for the Housing Market: NAHB CEO
The housing market in the United States is experiencing a significant shift, with a decline in mortgage rates attracting an increased number of potential buyers, as reported by a trade group representing builders.
According to Yahoo!, this is good news for potential buyers who have been sitting on the sidelines due to the lack of inventory and higher mortgage rates. Housing sales activity sank to a 30-year low last year as homeowners remained reluctant to sell the homes they’d financed at lower rates.
Sales of previously owned homes retreated by 1% in December from the month before to an annualized rate of 3.78 million, the National Association of Realtors said Friday. December’s home sales slumped by 6% compared to last year.
“The December figure is likely the low point in this cycle, and expect an uptick in the coming months,” NAR chief economist Lawrence Yun said on a conference call.
Yun noted that lockbox activity was up 5% in December compared to last year — signaling more buyer appetite.
