Housing Demand Is Apparent And 2024 Looks Great With Lower Interest Rates And More Housing Inventory

Dated: January 4 2024

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Good news going into 2024! Feel free to give me a call anytime to discuss your real estate needs. 936-445-0216


December 28, 2023, Mortgages & Home Financing By: Jessica Lautz


Mortgage interest rates continued their decline this week and have hit the lowest level in six months since May of 2023. Mortgage interest rates are now at an average of 6.61%, easing from 6.67% last week. The typical monthly mortgage payment for a $400,000 home is now at $2,046. While NAR's Pending Home Sales shows flat data from October to November, the recent week's rate decline should motivate buyers who had been priced out of the market.

There are many signs of encouragement heading into 2024 in the housing market, such as more housing inventory from home builders, lower mortgage interest rates, and demographics. This year, even the youngest baby boomer (born between 1946 and 1964) turned 60 years of age. Baby boomers are the largest share of home buyers and may be looking for their retirement property. Last year, half of older boomers paid all cash for their homes and are less concerned with mortgage interest rates. Additionally, millennials (the largest adult generation) may be looking for their first property or a move-up family home.  Housing demand is apparent. With added inventory and better mortgage interest rates, 2024 looks like a better year.

Jessica Lautz

Deputy Chief Economist and Vice President of Research Dr. Jessica Lautz is the Deputy Chief Economist and Vice President of Research at the National Association of REALTORS®.
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Melissa Galloway | REALTOR GRI CNE

REALTOR®, GRI, CNE - Relationship Realty Group powered by Hite Properties www.relationshiprealtytx.com Magnolia, TX Cell: 936-445-0216 Clients First! Treating the relationship with far more ....

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