Two Texas markets — Austin and Dallas-Fort Worth — are forecast to be the country’s top housing markets in 2024.
That’s the latest forecast from the National Association of Realtors, which calls out metro areas it expects to see the most housing demand next year.
Houston ranked sixth on the list of where the residential real estate trade association expects homebuying to be the strongest.
“The demand for housing will recover from falling mortgage rates and rising income,” Realtors chief economist Lawrence Yun said in a statement. “In addition, housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.
“The selected top 10 U.S. markets will experience faster recovery in home sales,” he said. “Metro markets in southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region.”
The Realtors’ association is predicting that existing home sales nationwide will rise by more than 13% in 2024 after two years of declines due to higher mortgage rates.
Median home prices across the country are expected to remain almost flat in the year ahead.
Sales prices for existing single-family homes have inched down by between 1% and 2% in North Texas this year but still remain near record highs. Home sales in the area were down about 8% in October from a year earlier.
Dallas has experienced one of the nation’s biggest increases in home prices over the last 10 years.
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