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Market Forecast Sees Little Change Into 2024

Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast of what they believe is ahead for the housing market and overall economy. The group covers topics from economic growth to home sales and predicts what will happen in coming months. According to their October release, the group sees little change ahead for the housing market as it heads into 2024. They expect home prices to remain resilient, while sales continue to slow due to higher mortgage rates and fewer homes for sale. In other words, little change from today's dynamic. Doug Duncan, Fannie Mae's senior vice president and chief economist, says activity remains dampened. “In many ways, the housing market experienced four years of business in a two-year period between mid-2020 and mid-2022,” Duncan said. “With ongoing affordability constraints and rising mortgage rates, much of that activity has essentially been given back.”

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