Housing prices won’t budge, but there could be some relief on the horizon for homebuyers. As America’s affordability crisis continues to strain consumers, one of the most considerable costs, housing, is much to blame. Rising mortgage rates are making monthly payments significantly more expensive than just a few years prior, but how long can this last? According to the Vice President of Enterprise Research Strategy at ICE, Andy Walden, not much longer. Every month, Andy’s team at ICE releases their Mortgage Monitor data reports, sharing valuable insights on what’s happening in the housing market. On this BiggerNews, we’re asking Andy to share what the data is telling him about home prices, mortgage rates, housing inventory, and buyer demand but, even more importantly, where we could be headed in 2024 and whether or not this hot housing market still has room to run. While there has been huge home price growth over the last few years, Andy reckons prices could begin to “soften” as affordability reaches its breaking point. With demand retreating from the market and housing inventory still on the rise, prices may start to decline, and even if interest rates do fall again, we may not see the uptick in demand many home sellers are waiting for. Stick around as we unpack exactly what’s moving the housing market with ICE’s Andy Walden! Support today’s show sponsor, Rent App: the free and easy way to collect rent! In This Episode We Cover Why home prices may begin to “soften” in 2024 and what’s causing demand to fall How to predict housing market trends and the key metrics that indicate potential price movement The “lock-in” effect that’s causing homeowners to hold on to their properties Why inventory is quickly rising across much of America, EVEN with sky-high rates The ongoing affordability crisis and the dramatic changes that could solve it Record home equity and why American homeowners may be richer than ever And So Much More! (00:00) Intro (01:37) Home Prices Hit New Highs (06:08) How to Predict Market Trends (09:53) Will Prices Soften? (11:37) Why is Inventory Rising? (19:09) Rate Cuts Won’t Solve This (27:15) The Cure for Low Affordability (29:15) Home Equity Breaks Record Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/real-estate-951 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

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