Market Research
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August 20, 2024
2024 Quarterly Economic and Housing Market Outlook
Find out where the economy and housing market are heading through the Quarterly Economic & Housing Market Outlook. Here are some key highlights:
Economy: The U.S. Economy Continues to Grow but at a Smaller Pace
- Labor market cooling with unemployment rate rising above 4% for the first time since November 2021.
- Inflation moderating and is expected to continue to moderate towards the Fed target.
Housing Market: Affordability Challenged by Higher Rates; House Prices Resilient
- Mortgage rates declining after hovering around 7% for much of Spring 2024.
- Home sales continue to be affected by rate lock effect.
- Housing supply has increased only modestly, particularly the rate lock-in effect dampens repeat buyer activity.
- Home price growth remains strong on low supply.