Director of real estate research at the National Association of Realtors (NAR), Nadia Evangelou, shared her insights on home price projections for this year.
According to a recent NAR report, prices in 18% of metro areas saw a double-digit increase in Q4.
- Evangelou said there is not enough supply of homes to make prices drop. Demand for homes has started to fall because of high borrowing costs.
- She added that an improvement in home affordability should stimulate demand.
- Also, she believes mortgage applications will rise in spring and expects the warmer months to increase demand.
- According to Evangelou, there is already evidence that lower mortgage rates bring home buyers back.
