Woodworking Industry News

NAR forecasts 4.71 million existing-home sales, improved 2024 outlook

WASHINGTON — NAR Chief Economist Lawrence Yun forecasts that 4.71 million existing homes will be sold, the housing market is expected to grow, and Austin, Texas, will be the top real estate market to watch in 2024 and beyond. Yun unveiled the association's forecast released Dec. 13 during NAR's fifth annual year-end Real Estate Forecast Summit: The Year Ahead. Yun predicts home sales will begin to rise next year – by 13.5% compared to 2023, and the median home price will reach $389,500 – an increase of 0.9% from this year.