Research & Insights: February 2024
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.