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Yahoo Finance
In the month of January, new home sales rose less than expected, with only 661,000 new homes sold. With mortgage rates remaining close to 7%, potential home buyers may still be wary to enter the US housing market. Could 2024 continue the housing trends seen from last year? National Association of Realtors® Chief Economist Lawrence Yun joins Yahoo Finance to share insights into housing market trends expected for this year. In terms of housing demand, Yun states: "There is definitely a large degree of pent-up demand, along with even delayed sellers, sellers who have life-changing circumstances — having additional child in the family, maybe a retirement age, maybe a new job that requires different commuting patterns — so all these delayed sellers are waiting for the rates to drop before listing their home, along with many buyers. The home sales closing activity is reflecting the interest rate of what was occurring in December."