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MortgagePoint ยป Your Trusted Source for Mortgage Banking and Servicing News 80 January 2024 F I N A L T H O U G H T S "a perfect storm" Elijah de la Campa, Senior Economist at Redfin, details how 2023 became the least affordable year for housing in recent history due to a combination of inflation, high prices, soaring mortgage rates, and low housing supply. "the gap is shrinking" Robert Dietz, Chief Economist and SVP for Economics and Housing Policy for the National Association of Home Builders, discusses the rift between supply and demand, and how a boost in home construction may be the answer to closing it. "losing its stigma" Daryl Fairweather, Chief Economist at Redfin, revealed that because homeownership is so expensive, the stigma surrounding the rental market is rebounding, becoming more popular as rising supply gives renters more options to choose from. "housing will recover" Lawrence Yun, Chief Economist for the National Association of Realtors, explains that the demand for housing is expected to improve in 2024, with housing inventory expected to rise as more home sellers begin to list their homes after years of refusing to sell. "on track for a soft landing" Sara Hoffmann, Director of Multifamily Research at Freddie Mac, sheds light on the strained supply within the multifamily housing market, and how it may be "bumpy" in 2024, but that the economy is prepared for a soft landing. FINAL THOUGHTS In this month's Final Thoughts, experts weigh in on the state of the housing market and what's to come in 2024. This year's forecast highlights home prices, mortgage rate drops, what it means for the economy, and how home building will help housing demand catch up to outstanding supply.