The housing market’s impressive performance in 2023 shocked a lot of people, including many economists. While mortgage rates hit nearly 8%, home values still increased nationwide. What happened?
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Franklin D. Roosevelt once said: “Real estate cannot be lost or stolen, nor can it be taken away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” In an evolving property landscape, one investment strategy that affirms this adage is the emerging trend of Build-to-Rent (BTR) real estate.
As the brisk autumn wind of 2023 replaces the sweltering heat of summer, a not-so-familiar chill can be felt within the U.S. economic landscape: inflation. The U.S. Labor Department recently reported that the annual inflation rate clocked in at a steady 3.7% over the 12 months that ended in August, spurred in significant part by gasoline prices. It’s much like watching the seasons change, but this time, it’s the monetary climate that’s causing a stir.
The US housing market in 2023 is a picture of contrasts. While some regions are experiencing a softening of home prices, the housing affordability crisis continues to persist. Factors such as scarce housing supply, high mortgage rates, and soaring sales prices contribute to this landscape, posing challenges for investors who must carefully navigate these complexities. The big question remains: will housing prices drop in 2024?