U.S. home prices will decline less than previously expected this year before stagnating in 2024, despite widespread expectations interest rates will remain higher for longer, according to property analysts polled by Reuters.
Even though the U.S. Federal Reserve has embarked on its most aggressive tightening cycle in four decades, average home prices have fallen just over 5% from their recent peaks, barely a dent compared to the 45% rise during the COVID-19 pandemic.
Average house prices as measured by the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas were forecast to stagnate next year. "Given supply is likely to stay tight, there is a risk house prices may not fall as much as we previously expected." Those high mortgage rates are restricting housing supply, which puts upward pressure on prices, as well as demand.
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