August 2024 Real Estate News
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In the August 2024 edition of Real Estate News, we look at five emotional traps to avoid when house hunting, assistance that is available for your down payment, and landscaping tips to cool your home. We also look at the gradual recovery of the housing market and specifics on record prices and growing inventory. All of this and more in the August 2024 Real Estate News.
Experts Predict a More Balanced Housing Market by Year’s End
The housing market is gradually recovering. Experts, like Lawrence Yun from the NAR, expect it could be more balanced by the end of the year. Factors such as mortgage rates, inventory levels, and home prices are all connected and influence this recovery.
Mortgage Rates and Inventory
A key change on the horizon is a shift in mortgage rates. As inflation slows and the Federal Reserve likely lowers interest rates later this year, mortgage rates are expected to improve. Forecasts suggest the average rate for a 30-year fixed mortgage will be between 6% and 6.5% by the end of 2024. Lower borrowing costs should encourage more sellers to list their properties and spur new construction. Currently, 90% of markets have seen improved inventory levels year over year.
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Marina Jacobson
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