Real Estate Rookie HousingWire’s 2025 Housing Market Predictions: Rates, Prices, and More
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Dec 30, 2024 Mike Simonsen, an analyst from Altos Research and HousingWire, dives into predictions for the 2025 housing market. He discusses the potential for mortgage rates to dip below six percent and the rise in housing inventory. Mike examines the impact of economic uncertainties, migration trends, and job transitions on home sales. With optimistic projections, he highlights a key metric to watch for gauging market direction. If you're a buyer or seller, this insights-packed conversation is a goldmine for understanding upcoming changes!
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2024 Housing Market Surprises
- Mortgage rates stayed higher than many experts predicted, impacting home sales.
- Despite higher rates and increased inventory, home prices didn't decline as expected.
Inventory Growth and Regional Differences
- Housing inventory grew more than anticipated, especially in the South and Sun Belt states.
- This growth is primarily due to slower demand caused by high mortgage rates, not increased listings.
The "Great Stay" Phenomenon
- The "great stay" phenomenon shows that people aren't moving or changing jobs due to high rates and economic uncertainty.
- Migration and job changes will likely resume as the economy and interest rates stabilize.