People who want to buy or sell a home are wondering what will happen for the rest of the year. Here’s what experts think:
**Home Prices:** Experts say that home prices will keep going up, but not as quickly as before. The Deputy Chief Economist at the National Association of Realtors says, “Home prices will keep going up because there aren’t enough homes for sale.” Even though there are more homes on the market now, there still aren’t enough to meet what buyers want. This keeps prices high, but the increase in prices is slowing down.
**Mortgage Rates:** Experts think mortgage rates might go down a little later this year if inflation slows down and the Fed lowers the prime rate. But the drop will probably be small, and rates won’t be as low as they were from 2020 to 2022. So, waiting for rates to drop a bit might not be worth it because home prices might keep going up.
**Predictions:** Business Insider says that most experts do not expect a big drop in home prices in 2024 or later. In 2008, home prices fell because there were too many homes for sale and not enough buyers. Even though there are more homes now, there are still not enough.
In short, experts think home prices will keep rising, there will be more homes for sale, and mortgage rates might go down a little if inflation slows down. This makes the real estate market more steady and easier to predict, which is good for people who want to buy or sell a home.