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Property Appreciation | Beach Road Realty Inc Blog

Monday, January 15, 2024   /   by Richard Eimers

INSIGHT INTO HOME PRICE STABILITY FOR 2024

Despite facing 8% mortgage rates, the anticipated crash in home prices didn't materialize in 2023, offering a positive outlook for prospective home buyers. On average, U.S. property values concluded the year on an upward trajectory, with some regions experiencing declines offset by appreciation in others [^6^].
Traditionally, rising interest rates trigger price falls due to decreased demand. However, the resilience in home values is attributed to a nationwide housing shortage, as highlighted by Mike Simonsen at Altos Research. He emphasizes the delicate balance between low demand and low supply, indicating that a significant imbalance is necessary for declining home prices [^7^].
Looking ahead to 2024, analysts anticipate this equilibrium to sustain home prices, although forecasts differ. Realtor.com's economists predict a marginal decrease in the median home price by 1.7%, while Fannie Mae forecasts modest growth of 2.8% [^6^,^8^].
A consensus among experts is that mortgage rates wy ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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