Sunday, May 19, 2024

New study predicts decrease in Tampa Bay area home prices for 2024


Study Finds Home Prices Expected to Increase in 20 U.S. Cities in 2024

Home prices are on the rise in 20 U.S. cities, according to a new study by real estate data and analytics company CoreLogic. Despite the decrease in mortgage rates from last year’s highs, homeowners in cities like Redding, California and Fairbanks, Alaska can expect their home prices to increase by more than double the national average.

The study projects a nationwide home price increase of 2.5% through November, 2024. This trend is attributed to pent-up demand and a prolonged inventory shortage, especially in markets where new homes for sale are scarce.

In the top 20 cities where home prices are expected to grow the most in 2024, Redding, California takes the lead with a forecasted price growth of 7.30%. Other cities like Santa Maria-Santa Barbara, California and Bremerton-Silverdale, Washington also make the list with significant price growth projections.

On the flip side, Florida dominates the top five metro areas with the highest likelihood of home price reductions. Palm Bay-Melbourne-Titusville, West Palm Beach-Boca Raton-Delray Beach, and Tampa-St. Petersburg-Clearwater are among the cities where home prices may decline.

Despite the affordability crunch and competition in the housing market, experts believe that only a dramatic rise in supply will dampen price appreciation. As mortgage rates continue to decrease, the outlook for home buyers remains challenging due to the lack of available inventory.

Overall, the housing market continues to show resilience and strength, with home prices expected to rise in many cities across the country in 2024.

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