Find out where the economy and housing market are heading through the Quarterly Economic & Housing Market Outlook. Here are some key highlights:

Economy: Economic Growth Resilient Amidst Rising Interest Rates 

  • Optimism in the economy increased coming into 2024.
  • Labor market cooling with unemployment rate near historic lows.
  • Inflation moderating, but still above the Fed target.

Housing Market: Affordability Challenged by Higher Rates; House Prices Resilient

  • Mortgage rates have come down from their peak in 2023 but remain elevated.
  • Elevated rates and high house prices continue to impact affordability, purchase applications and home sales.
  • Both existing and new homes sales declined in 2023; existing home listings decreased due to the rate-lock effect.
  • Home prices rebound on low supply.