The America’s Credit Unions April 2024 Economic Update is now available online, featuring key insights into the organization’s forecast for the housing market in 2024. In the video, America’s Credit Unions Deputy Chief Economist and Head of Emerging Issues Curt Long suggested flat home price growth and limited change in purchase activity through 2024.
Long shared that the housing market has been “stuck in the mud,” due to poor affordability conditions, with the number of hours of pay required to make mortgage payments increasing. While there has been an uptick in purchase activity, it is expected to be short-lived, he said.
In addition, he noted price cuts have been observed, indicating some downward price pressures and construction activity has been stronger in the multifamily sector compared to single-family homes.
