As stated many times, housing supply (and homes people actually want), is in severe shortage. Now mid-year 2023, we might see housing sales slide further into 2024 while home prices remain where they are. Instead, they’ll end regulations that suppress investment and production in the US and boost the supply side, particularly desperately needed new homes. Yet in 15 months from now, the 2024 Presidential elections will happen, and if the Republican representative should win, they will not adhere to high rates. Credit rates will likely remain aloft to stop house buying, raise unemployment, suppress business creation and spending, and keep wages down. Some say 2024’s real estate housing market will be much like 2023. Will 2024’s Housing Market be a Repeat of 2023?
Their goal of 2% is clearly unrealistic however, but by doing a rolling recession, they can avoid a synchronized catalyst for big inflation, and thus a higher lending rate. If inflation is controlled, interest rates can fall back a little, yet the FED expects a consumer-fed sales bonanza when they decline. Investors and home buyers are told to look for a recession by economists and experts, and on the other hand, some suggest what was a hard landing, may actually become no landing at all. The rolling recession the US government is engineering is helping to push the real downturn into Q4 2023/Q1 2024. A No Landing Scenario for the Economyįorecasting the outlook for the real estate and housing markets is not so simple. In may ways, it reflects the current White House regime’s self-imposed addiction to stimulus spending while generating the price fires it sets with high rates and disincentives for builders.Ī change may only come with a newly elected President. You might call this housing market inaccessible for most. It’s colored by strong consumer savings, and strong employment, where sellers are least comforted by the ridiculous return they might see when they sell.Īnd it’s one with young buyers who have almost given up on the idea of ever buying a property given the high prices. It’s one of severe frustration for all including rate-stuck homeowners who can’t sell. You might call it a market driven by intense demand for homes, not just dream homes, but safe havens for themselves and their family at almost any price. Buyers and investors might ask someone to describe the real estate/housing markets.
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