Despite entering the new year, the economic assessment for 2024 continues to evolve, with positive job growth and decreasing unemployment noted in December's report. While inflation presents challenges with rising energy costs, core inflation indicates steady progress towards goals. Existing-home sales for December showed growth yet remain concerningly low, hinting at the lowest annual totals in decades. Looking forward, elevated mortgage rates could impact sales initially, but there's optimism for improvement as rates stabilize and seller activity increases.
Despite challenging conditions, Realtor.com examined a variety of real estate and local market factors to identify key areas of opportunity for first-time homebuyers.
The labor market ended positively for 2024, showing robust job growth and a dip in unemployment, indicating resilience in the economy despite mixed inflation results.
While 2024 existing-home sales totals are projected to be the lowest in nearly 30 years, recent data indicates a rise in both home sales and seller engagement.
Looking ahead, mortgage rates may pose challenges early in the year, but signs suggest potential improvements in home sales as rates stabilize later.
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