According to Zillow's forecast, gradually improving mortgage rates will significantly impact the housing market, catalyzing growth in home sales and price appreciation in 2025.
Skylar Olsen, Zillow's chief economist, highlighted that while buyers will experience improved mortgage rates and better negotiation positions, they should prepare for challenges ahead.
Zillow projects home sales will increase from 4.06 million in 2024 to 4.16 million in 2025, with home values expected to appreciate by 2.2%.
Fannie Mae warns that while some measures of the housing market are normalizing, challenges like low affordability and the lock-in effect will continue to restrict activities in 2025.
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