Interest Rates and Home Sales 2024

Interest Rates and Home Sales 2024: Last week, REALTORS from all over the country met in Washington, D.C., for the National Association of REALTORS legislative meetings. Chief Economist Lawrence Yun shared important predictions. By the end of the year, average interest rates will settle at 6.5%. Home sales are expected to go up by 9% to 4.46 million in 2024, from 4.09 million in 2023.

There is a lot of good news. Nearly half of all mortgaged homes in the U.S. had a lot of equity in the first quarter of 2024. These loans were much less than the market value of the homes, which led to record equity levels.

More people want mortgages now, driven by lower interest rates. The average 30-year conventional rate dropped to 7.18%. FHA loan rates also fell to 6.92%. However, The Conference Board Consumer Confidence Index went down for the third month in a row in April. But, consumers are still hopeful about the present, which helps balance future worries.

Stay tuned for more real estate updates.

About Bryan:

Bryan Selser is the Marketing Director at Coldwell Banker Advantage in Raleigh, NC. He started his journey nine years ago after graduating from North Carolina State University and earned a BA in Communication Media and a minor in Business Administration. As a licensed REALTOR®, Bryan is dedicated to helping the local real estate industry and community.

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Interest Rates and Home Sales 2024, Real Estate Market, Market Data, Housing Data, Real Estate, Real Estate Market Report, Housing In 2024