Fannie Mae expects a slower recovery in the U.S. housing market due to volatility in inflation readings and the Federal Reserve's potential confidence in cutting benchmark rates only once in 2024.
Doug Duncan, Fannie Mae's chief economist, highlights the need for a combination of factors like income growth, slowing home price appreciation, or declining mortgage rates to improve affordability for homebuyers.
ESR Group notes the rise in for-sale home listings as homeowners adjust to changing mortgage rate expectations, leading to better supply-and-demand balance in regional markets, particularly in the Sun Belt region.
Affordability constraints persist, limiting buyers in many markets, prompting the ESR Group to revise its U.S. home sales forecast to 4.82 million in 2024, with a slight decrease in mortgage origination volume and a higher average fixed mortgage rate for the year.
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