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Home Value and Home Sales Forecast (May 2024)

Dated: June 18 2024

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Home value forecast was revised downward this month, while expectations for existing home sales were adjusted upward. Zillow’s home value forecast continues to project modest annual increases in the near term, calling for 0.4% growth over 2024, down slightly from last month’s projection of 0.6% growth. Over the next twelve months, we expects home values to fall 1.4%. The expectation for home sales is similarly modest. Zillow now projects 4.12 million existing home sales in 2024, indicating a 0.9% growth over last year.

With a persistent rise in housing inventory in recent months, the market is experiencing a gradual, albeit still modest, shift in favor of buyers. The tight conditions that have defined the market  for years are finally easing some; new for-sale listings saw a 12.6% annual increase in May compared to 8.7% in April. Buyers have thus far not kept pace. As a result, many of these listings are staying on the market for longer periods, leading to inventory build-up, and putting some downward pressure on home price appreciation.

 

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Meredith Johnson

Real Estate Professionals with over 25 years experience serving St. Petersburg and surrounding areas. Clients say: If you want something done, ask a busy realtor. The Johnson Group has successfully so....

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