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July 2024 Real Estate and Mortgage Report
Presidential election years affect the national housing market and mortgage rates as people prepare for economic and policy changes. Historically, existing home prices have increased in the last 7 of 8 presidential elections. Insights “One thing that seems to be pretty solid is that home prices are going to continue to go up, and the reason is that we don’t have housing inventory. Jessica Lautz, Deputy Chief Economist, NAR “Home sales have lingered at 30-year lows, and since 70 million more Americans live in the country now compared to three decades ago, it’s inevitable that sales will rise in coming years. Inventory will grow steadily from more home construction, and various life-changing events will require people to trade up, trade down or move to another location. Lawrence Yun, Chief Economist, NAR Forecasts When it comes to the real estate forecast for the next 5 years, I’m cautiously optimistic. I believe we’re going to see a lot of ebb and flow over the next 5 years — some highs, some lows, but overall, a healthy market. Prices should continue to rise, though more slowly, and buyers might enjoy more options as inventory expands. But remember, real estate is profoundly