The housing market in December showed the smallest annualized increase in prices since 2015, as reported by Redfin. While overall prices are expected to rise, localized data indicated declines in several metro areas, especially Tampa. Redfin's economist highlights the ongoing issue of insufficient inventory to meet buyer demand, contributing to a predicted price increase in 2025. Additionally, mortgage rates near 7% have decreased buyer activity, impacting overall sales and contracts, despite some regions like Nassau County seeing significant annual growth numbers in home prices.
"Prices will keep going up consistently because it's unlikely there will be enough new inventory to meet buyer demand," Bokhari said.
"We expect there will be slightly more sales this year, largely due to pent-up demand, but there won't be enough of an increase in listing activity to put significant downward pressure on prices."
"Fannie Mae's index showed that prices increased 5.8% from Q4 2023 to Q4 2024."
"Both the weekly new contracts and all the homes in the contract pending stage are below last year," said Simonsen.
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