Curious about where the housing market is heading? Vero Real Estate Solutions’ (Veros) VeroFORECAST offers an in-depth look by assessing home prices in more than three hundred housing markets across the country. Released on October 7th, the Q3 2024 report predicts a 3.1% average home price appreciation nationwide over the next year, slightly down from last quarter’s 3.2% appreciation.
Mortgage rates are lower than they were a year ago, when they stood at 7.49%*. This decrease has provided relief to potential homebuyers, along with recent announcements from the Federal Reserve regarding a 50-basis point cut, further stimulating the housing market. This shift in interest rates not only makes home financing more accessible, but also opens the door for potential buyers among Millennials and Gen Z, who are increasingly entering the homeownership stage of life. As potential buyers come into perspective, these younger generations are likely to uphold the demand of the current market.
Considering this, current home prices are leading people to look at more affordable regions. VeroFORECAST reveals the top ten strongest performing housing markets to be generally in the northeast, compared to the top ten slower growth markets remaining in the south and southeast.
Are you curious to delve deeper into the insights and projections shaping the housing market? Read the full VeroFORECAST report on Veros’ website for a comprehensive analysis and exploration of how these trends are impacting the nation!
Click here for the full report: Northeast Continues to Outperform Sunbelt in Q3 2024 VeroFORECAST
* Source: https://www.freddiemac.com/pmms