The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time home buyers — by 2024, according to a panel of housing market experts
... [+] polled in the latest Zillow home price expectations survey.
The dwindling supply of homes for sale has been a key driver of the recent explosion in home values, which have risen 32% in the past two years. Total inventory has fallen from a monthly average of 1.6 million units in 2018 and 2019 to just over 1 million in 2021, and monthly figures in 2022 are lower still.
Inventory should return to a monthly average of 1.5 million units or higher in 2024, according to the largest group of respondents to Zillow’s survey. But many are more optimistic — the second-largest group believes supply will bounce back to pre-pandemic levels in 2023, while 2025 earned the third-highest share of votes with 12%.
“Inventory and mortgage rates will determine how far and how fast home prices will rise this year and beyond,” said Zillow senior economist Jeff Tucker. “We are seeing new listings returning to the market, slowly, as we enter the hottest selling season of the year, but this supply deficit is going to take a long time to fill.”The pandemic ushered in record-breaking price growth alongside rent hikes that made saving for down payments even more difficult.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Says He'd Be ‘Very Fortunate' to Face Trump in 2024 Presidential ElectionBiden's swaggering remark comes as the Democrat faces low public approval ratings — and as Trump has signaled he likely will seek the Republican presidential nomination in 2024
Read more »
2024 Porsche 911 hybrid spy shots: Electrified sports car on the wayPorsche has confirmed plans for a 911 hybrid, and now a prototype has been spotted.
Read more »
Biden Says He'd Be 'Fortunate' to Run Against Trump Again in 2024“The next election I would be very fortunate if I had that same man running against me,” the president said in Europe on Thursday
Read more »