The housing market is about to pick up in a stronger-than-usual spring homebuying rush — one that could send house prices surging through the end of 2024, real estate experts say.
That’s not what economists had originally expected for the housing market this year. Redfin previously predicted that prices would stay mostly flat, forecasting a slight 1% decline in December.
But there’s way more upside now, Redfin’s chief economist Daryl Fairweather said, basing her updated forecast on signs that the spring buying season will likely be a lot stronger than last year.
A strong spring homebuying rush — which typically starts in early March and begins tapering in the back half of the summer — could bring home prices up as much as 5% by the end of the year, Fairweather estimated. Home sales could also surge 5% by the end of the year, she said.
Source: Business Insider
