From NAR
National Association of Realtors® Chief Economist Lawrence Yun forecasts that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024) – with further gains in eight of the next 10 years – during the "Residential Economic Issues & Trends Forum" at NAR's 2024 REALTORS® Legislative Meetings.
Yun also explained that rents will calm down further, which will hold down the consumer price index (CPI) and make the Federal Reserve cut interest rates.
Yun said that based on April's employment data, there are six million more jobs compared to the pre-Covid highs, and jobs are boosting home prices.
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