09/30/2024
Is it better to build now or wait until 2025?
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Here is what we have found.. Going into the 4th fiscal quarter of the year is a great time to start planning, budgeting, and permitting for an early Spring 25' start.
Home sales will remain constrained as long as mortgage rates stay over 6% but are expected to rise as mortgage rates and inflation decline.
Home prices will mostly hold their value in the short term due to lack of supply, but that could vary between markets due to local fundamentals.
Rental growth should flatten out as more supply hits fast-growing markets but will rise faster for single-family versus multifamily units.
Mortgage rates will likely range from 6%-7% unless there is a recession, but short-term lending rates will start gradually falling by late 2024.
