The housing market continues to be a complex landscape for existing home sales. In the remainder of 2023, existing home sales are expected to remain slow. Although the current mortgage rates are relatively low, there is not yet enough supply to jumpstart the market.
However, there is potential for an improved market in 2024. If mortgage rates and supply continue to trend down, existing home sales could rise. This could be a result of increased buyer confidence, as the market begins to adjust to new conditions and become more competitive.
Key points:
• Existing home sales are likely to remain slow in the rest of 2023
• Mortgage rates and supply have potential to improve in 2024
• Increase of buyer confidence as the market adjust
• More competitive housing market in 2024
You can read this full article at: https://www.housingwire.com/articles/existing-home-sales-in-may-were-slightly-less-bad-than-april/(subscription required)
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