While Morgan Stanley expects home prices to drop in 2024—good news for aspiring buyers—other experts disagree.
this growth is not going to last.
But the market remained relatively stable through months of price declines in the first quarter of the year, as aspiring homebuyers, unable to match asking prices, were squeezed out of the market. Already in February, experts said that the housing market had started to recover, with the complicity of the same lingering supply shortage that first led to house prices booming during the pandemic.
"We forecast house prices in 2023 to finish the year flat vs. 2022 before falling 2 percent in 2024 as affordability continues to adjust slowly back to long-run averages and inventories begin a slow climb off multi-decade lows," the company wrote in a recent report mentioned by Yahoo Finance.
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