Current takeaways:
- National Association of Realtors’ (NAR) fifth annual Real Estate Forecast Summit: The Year Ahead, NAR chief economist Lawrence Yun shared his predictions for 2024.
- Yun predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023. Additionally, he is expecting the housing market to grow, and Austin, TX will be the top real estate market to watch.
- For rents, Yun expects prices to calm down further in 2024, which will hold down the consumer price index. He predicts foreclosure rates will stay at historically low levels, comprising less than 1% of all mortgages.
- After eclipsing 8% in late 2023, Yun expects the 30-year fixed mortgage rate to average 6.3% and that the Fed will cut rates four times—calming inflationary conditions—in response to slower economic activity.
- Zillow data reports show Las Vegas with the most dramatic inventory drop of all major markets and one of 2 markets with positive month-over-month home values ⤵️
Check out the monthly Las Vegas real estate market numbers below!
