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The National Association of Realtors® said it expects 4.71 million existing-home sales in 2024, with Austin, Texas as the top real estate market with most pent-up housing demand. NAR Chief Economist Lawrence Yun said home sales next year are expected to rise by 13.5% compared to 2023, with a median home price of $389,500, up 0.9% from this year. Metro markets in southern states can expect to outperform other markets due to job increases, and markets in the Midwest will see gains from being in affordable areas, according to Yun. Demand for housing will benefit from falling mortgage rates and rising income, Yun said, adding “housing inventory is expected to rise by around 30% as more sellers begin to list after delaying selling over the past two years.