Lawrence Yun, chief economist of the National Association of Realtors, states, "We've seen after presidential elections - and it doesn't matter who wins - that there's usually a slight boost in home sales." He predicts a 9% increase in year-over-year sales nationally, attributing this to lower mortgage rates, increased inventory, and the hope of rising household income.
Jordan Levine, senior vice president of the California Association of Realtors, suggests that while homes in California appreciated 6.8% this year, he anticipates a slower 4.6% appreciation next year. This, combined with lower mortgage rates, is expected to stimulate movement in the resale market.
Redfin Real Estate forecasts mortgage rates maintaining volatility in high 6% range, averaging around 6.8%. Conversely, Realtor.com predicts they will dip lower, around 6.2%, highlighting differing perspectives among economists on future rate trends.
Despite the turnover of units expected from lower mortgage rates, the share of outstanding mortgages at sub 6% rates has decreased from 89% to 84% in a year, indicating an ongoing challenge for inventory levels in the housing market.
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