In an average year, one-third of all homes take a price cut, a standard sign of market activity. Rising mortgage rates have increased price cuts, especially with higher inventory.
The price-cut percentage data is below 2022 levels, indicating a risk of an earlier seasonal decline than seen in 2022 and 2023, particularly with rising mortgage rates.
My 2024 forecast projects prices rising at 2.33% for the year; however, this may be too low, given the recent trends in price cuts and mortgage rates.
The slow dance with the 10-year yield and mortgage rates continues, with a crucial threshold around 3.80% on the 10-year yield impacting future mortgage rates.
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