{"id":31276,"date":"2023-11-01T13:42:41","date_gmt":"2023-11-01T13:42:41","guid":{"rendered":"https:\/\/microloannexus.com\/personal-finance\/home-prices-could-spike-nearly-5-in-2024-zillow\/"},"modified":"2023-11-01T13:42:49","modified_gmt":"2023-11-01T13:42:49","slug":"home-prices-could-spike-nearly-5-in-2024-zillow","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31276","title":{"rendered":"Home prices could spike nearly 5% in 2024: Zillow"},"content":{"rendered":"
<\/p>\n
\n
<\/source><\/source><\/picture> <\/div>\n

<\/p>\n

<\/div>\n<\/div>\n

Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would increase 4.9% from August 2023 through August 2024, according to the latest Zillow Home Value Index.\u00a0<\/p>\n

However, this marks a downward revision from last month\u2019s projection of a 6.5% increase from July 2023 to July 2024.<\/p>\n

“August brought an unexpected late-summer uptick in the number of new for-sale listings entering the market,” Zillow said in its data report.\u00a0<\/p>\n

New listings increased by 4% from July to August, according to Zillow\u2019s home value index. That signaled the first time that new listings increased over those two months, according to Zillow\u2019s records.\u00a0<\/p>\n

“To be clear, August\u2019s new listings total \u2013 as well as total for-sale inventory \u2013 remains well below typical levels seen prior to the pandemic, and inventory conditions remain very tight,” Zilow said. “This unusual late-summer supply uptick helped to ease market conditions some, causing our outlook for home values to cool.”<\/p>\n

If you\u2019re ready to become a homeowner, you could find the best mortgage rate by shopping around. Visit Credible to compare rates from different lenders without affecting your credit score.\u00a0<\/p>\n

MORTGAGE DELINQUENCY RATES FALL ACROSS THE U.S.<\/u><\/strong><\/p>\n

Home sales to keep trending downward: Zillow forecast\u00a0<\/strong><\/h2>\n

Total home sales are expected to reach 4.1 million in 2023, marking an 18% decline from last year, according to Zillow\u2019s forecast. And Zillow\u2019s researchers expect sales volumes to remain sluggish amid tight inventory conditions and the resilience of high mortgage rates.\u00a0<\/p>\n

Aditionally, the total number of available homes for sale dropped 16% as many home sellers remain reluctant to jump into the market and risk losing the low mortgage rates they secured before recent increases, according to the latest research<\/u> by Redfin.<\/p>\n

Still, some home sellers could see opportunity in the current housing market.\u00a0<\/p>\n

“A few more home sellers have jumped off the sidelines,” Redfin said in its report. “New listings have stabilized, ticking up slightly since the beginning of September. They\u2019re down 7% from a year earlier, but that\u2019s the smallest decline since July 2022.<\/p>\n

“It\u2019s possible that some homeowners are taking advantage of rising home prices and low inventory, counting on being one of the only homes for sale in their neighborhood,” Redfin continued.<\/p>\n

If you\u2019re looking to keep home buying costs down, it could help to shop around for the best mortgage rate. Visit Credible to get your personalized rate in minutes.<\/p>\n

HOMEBUYERS ARE PAYING ABOVE LIST PRICE IN COMPETITIVE MARKET: SURVEY<\/u><\/strong>\u00a0<\/p>\n

Interest rates could increase soon<\/strong>\u00a0<\/h2>\n

Even though the Federal Reserve put the brakes on another interest rate hike<\/u> in its September meeting, Fed leadership has said it won\u2019t keep future rate hikes off the table until inflation is down to its preferred target.\u00a0<\/p>\n

“Inflation remains well above our longer-run goal of 2%,” Federal Reserve Chairman Jerome Powell said at a press conference. “We’re prepared to raise rates further if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving down sustainably toward our objectives.”<\/p>\n

Inflation increased to 3.7%<\/u> in August, representing the most significant month-over-month hike since June 2022, according to the latest<\/u> Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS). That left the federal funds rate at a 22-year high of 5.25% to 5.5%<\/p>\n

“While the Fed is holding steady for now, inflation remains stubborn, with increasing rent and housing leading the way in rising household costs,” CoreLogic Chief Economist Selma Hepp said in a statement.\u00a0<\/p>\n

And as the Fed looks on to meet its long-term goals, it could maintain a tight grip on monetary policy for the months to come.\u00a0<\/p>\n

“With market expectations coalescing around the idea of \u2018tighter for longer\u2019 monetary policy, the Fed\u2019s updated outlook offered telling clues,”\u00a0Realtor.com Chief Economist Danielle Hale said in a statement. “The 2023 year-end projection remains at 5.6%, meaning that another rate hike before year\u2019s end is not only on the table, it is consistent with the median viewpoint.”<\/p>\n

If you\u2019re worried about interest rates getting higher, you could find the best rate now by exploring options from different lenders. Visit Credible to speak with a mortgage expert and get your questions answered.<\/p>\n

HOUSEHOLD INCOME DROPS AMID HIGH INFLATION<\/u><\/strong><\/p>\n

Have a finance-related question, but don’t know who to ask?<\/strong> Email The Credible Money Expert at <\/i>moneyexpert@credible.com<\/u><\/i> and your question might be answered by Credible in our Money Expert column.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would increase 4.9% from August 2023 through August 2024, according to the latest Zillow Home Value Index.\u00a0 However, this marks a downward revision from last month\u2019s projection of a 6.5% increase from July<\/p>\n","protected":false},"author":1,"featured_media":31277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[44],"tags":[32],"class_list":{"0":"post-31276","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-featured"},"yoast_head":"\nHome prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/microloannexus.com\/?p=31276\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus\" \/>\n<meta property=\"og:description\" content=\"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would\" \/>\n<meta property=\"og:url\" content=\"https:\/\/microloannexus.com\/?p=31276\" \/>\n<meta property=\"og:site_name\" content=\"Micro Loan Nexus\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T13:42:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-01T13:42:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/11\/1698846161_Credible-1497289779-home-prive-growth-slow-2024-zillow-1024x576.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/microloannexus.com\/?p=31276#article\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/?p=31276\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\"},\"headline\":\"Home prices could spike nearly 5% in 2024: Zillow\",\"datePublished\":\"2023-11-01T13:42:41+00:00\",\"dateModified\":\"2023-11-01T13:42:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/microloannexus.com\/?p=31276\"},\"wordCount\":749,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/microloannexus.com\/?p=31276#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/microloannexus.com\/?p=31276\",\"url\":\"https:\/\/microloannexus.com\/?p=31276\",\"name\":\"Home prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus\",\"isPartOf\":{\"@id\":\"https:\/\/microloannexus.com\/#website\"},\"datePublished\":\"2023-11-01T13:42:41+00:00\",\"dateModified\":\"2023-11-01T13:42:49+00:00\",\"description\":\"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would\",\"breadcrumb\":{\"@id\":\"https:\/\/microloannexus.com\/?p=31276#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/microloannexus.com\/?p=31276\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/microloannexus.com\/?p=31276#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/microloannexus.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Home prices could spike nearly 5% in 2024: Zillow\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/microloannexus.com\/#website\",\"url\":\"https:\/\/microloannexus.com\/\",\"name\":\"Solutions For Real\",\"description\":\"Latest Finance News and Updates\",\"publisher\":{\"@id\":\"https:\/\/microloannexus.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/microloannexus.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/microloannexus.com\/#organization\",\"name\":\"Solutions For Real\",\"url\":\"https:\/\/microloannexus.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png\",\"width\":690,\"height\":64,\"caption\":\"Solutions For Real\"},\"image\":{\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/microloannexus.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"contentUrl\":\"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/microloannexus.com\"],\"url\":\"https:\/\/microloannexus.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Home prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus","description":"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/microloannexus.com\/?p=31276","og_locale":"en_US","og_type":"article","og_title":"Home prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus","og_description":"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would","og_url":"https:\/\/microloannexus.com\/?p=31276","og_site_name":"Micro Loan Nexus","article_published_time":"2023-11-01T13:42:41+00:00","article_modified_time":"2023-11-01T13:42:49+00:00","og_image":[{"width":1024,"height":576,"url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/11\/1698846161_Credible-1497289779-home-prive-growth-slow-2024-zillow-1024x576.png","type":"image\/png"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/microloannexus.com\/?p=31276#article","isPartOf":{"@id":"https:\/\/microloannexus.com\/?p=31276"},"author":{"name":"News Room","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a"},"headline":"Home prices could spike nearly 5% in 2024: Zillow","datePublished":"2023-11-01T13:42:41+00:00","dateModified":"2023-11-01T13:42:49+00:00","mainEntityOfPage":{"@id":"https:\/\/microloannexus.com\/?p=31276"},"wordCount":749,"commentCount":0,"publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"keywords":["Featured"],"articleSection":["Personal Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/microloannexus.com\/?p=31276#respond"]}]},{"@type":"WebPage","@id":"https:\/\/microloannexus.com\/?p=31276","url":"https:\/\/microloannexus.com\/?p=31276","name":"Home prices could spike nearly 5% in 2024: Zillow | Micro Loan Nexus","isPartOf":{"@id":"https:\/\/microloannexus.com\/#website"},"datePublished":"2023-11-01T13:42:41+00:00","dateModified":"2023-11-01T13:42:49+00:00","description":"Anticipating mortgage rates to remain elevated and new home listings to slightly rise in the coming months, some experts predict home prices would","breadcrumb":{"@id":"https:\/\/microloannexus.com\/?p=31276#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/microloannexus.com\/?p=31276"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/microloannexus.com\/?p=31276#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/microloannexus.com\/"},{"@type":"ListItem","position":2,"name":"Home prices could spike nearly 5% in 2024: Zillow"}]},{"@type":"WebSite","@id":"https:\/\/microloannexus.com\/#website","url":"https:\/\/microloannexus.com\/","name":"Solutions For Real","description":"Latest Finance News and Updates","publisher":{"@id":"https:\/\/microloannexus.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/microloannexus.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/microloannexus.com\/#organization","name":"Solutions For Real","url":"https:\/\/microloannexus.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/sf-logo-1.png","width":690,"height":64,"caption":"Solutions For Real"},"image":{"@id":"https:\/\/microloannexus.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/e2d3b62d35ac325be68540d68dc6660a","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/microloannexus.com\/#\/schema\/person\/image\/","url":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","contentUrl":"https:\/\/microloannexus.com\/wp-content\/uploads\/2023\/08\/avatar_user_1_1691264579-96x96.png","caption":"News Room"},"sameAs":["https:\/\/microloannexus.com"],"url":"https:\/\/microloannexus.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/31276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=31276"}],"version-history":[{"count":1,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/31276\/revisions"}],"predecessor-version":[{"id":31278,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/posts\/31276\/revisions\/31278"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=\/wp\/v2\/media\/31277"}],"wp:attachment":[{"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=31276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=31276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/microloannexus.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=31276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}