The article discusses the forecast for home prices and sales in 2025, projecting a 5% increase in prices and a 3.5% gain nationally. However, these predictions could change if mortgage rates do not decrease soon. The affordability crisis in housing is emphasized, indicating the need for more homes to alleviate costs. The discussion also highlights regional disparities, with more inventory in the Sun Belt states compared to tighter markets in the Rust Belt and Northeast, suggesting a complex interplay of national trends and local impact in the housing market.
If mortgage rates haven't eased back down again by March, we will have to revisit that forecast, and home sales volume isn't going to materialize.
One of the challenges with affordability is that we have the crisis at a national level, but the control happens at a very local level.
If we start to get more national recognition and some control changes, maybe some progress can be made.
We have 25% more homes on the market now than we did in January of last year. Most of that has been in the Sun Belt states across the South.
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