For buyers:
Driving the news: John Ryan, chief marketing officer for Georgia MLS, tells Axios that at the tail end of 2023, MLS saw an increase in active sale listings.
"What that means is that there's going to be…a little bit more availability of houses as we move into 2024," he says.
Reality check: Availability and affordability will remain the two big issues facing the market this year, he says.
Zoom in: Orphe Divounguy, Zillow's senior economist, says the company's latest home value forecast shows metro area prices will increase 1.1% this year.
Mortgage rates are also expected to stay "higher for longer," he tells Axios.
The big picture: If the economy is steady, 2024 mortgage rates could land around 6%. If the economy stumbles, rates could fall more significantly, Greg McBride, Bankrate's chief financial analyst told Axios' Brianna Crane.
But lower rates may not remove all hurdles and could mean higher prices if inventory stays low as demand increases.
What we're watching: Atlanta homeowners tired of waiting for interest rates to drop back to 2021 levels may decide to sell, Divounguy says.
"More homes on the market would be good news for buyers, spreading demand and slowing price growth."
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