2024 National Market Update

January 5, 2024

Navigating the ever-changing national housing market can be
quite the ride, so let's dive into the latest buzz for 2024. Hello, I'm
Amber Johnson from Pillar Real Estate, and I'm here to bring you
the insights you need. As we step into the new year, it's crucial to
know what the National Association of Realtors has to say about
our housing market. According to Lawrence Yun, the chief
economist for NAR, it's likely that interest rates hit their peak in
2023. That's relieving news, right? Yun predicts a gradual drop in
rates throughout this year. Lower rates mean more sellers will be
motivated to enter the market, meeting the rising buyer demand
and helping to alleviate the inventory shortage. But that's not all;
Yun also anticipates that new construction will contribute to
solving the inventory issue, as builders are back on their feet, with
national new home sales up by about 5%. Now, let's talk price.
Nationally, home prices are expected to rise by a modest 3-4%
this year, which should keep sellers content and motivated to list
their homes, capitalizing on their equity gains. Another intriguing
trend we've seen that will continue into 2024 is the purchase of
multigenerational housing. This helps buyers offset affordability
challenges and is a testament to our ever-evolving housing
landscape. If you're interested in capitalizing on multigenerational
living in San Luis Obispo County or simply want to stay up-to-date
on the current housing market trends, don't hesitate to reach out
to my team and I. We're here to help you make informed and
strategic decisions in today's dynamic real estate market, whether
you're buying or selling. I'm Amber Johnson with Pillar Real
Estate, and I look forward to assisting you on your real estate
journey in 2024.