Lawrence Yun, Chief Economist for the National Association of REALTORS
In his forecast yesterday at the 2024 REALTORS® Legislative Meetings, National Association of Realtors® Chief Economist Lawrence Yun delivered a promising outlook for the real estate market with expectations for rising existing-home sales. According to Yun, the U.S. is likely to see existing-home sales increase to 4.46 million in 2024, a 9% rise from 2023, and surge to 5.05 million in 2025. Yun highlighted, “More jobs mean more home sales and higher housing demand. You need a strong local economy for a strong housing market.”
Additionally, Yun noted a significant calming in rental markets, which will help stabilize the consumer price index, encouraging the Federal Reserve to consider lowering interest rates. He remarked, “The Federal Reserve has delayed rate cuts. I would have thought that, by now, rates would be lower and rate cuts would have begun. Whatever rate cut the Federal Reserve does not do this year will simply get pushed back to 2025.”
For individuals looking to navigate the St. Louis real estate market, the expertise of MORE, REALTORS® can prove invaluable. Our agents are equipped with the latest insights and are prepared to guide clients through the intricacies of buying or selling homes in today’s economic landscape. As Yun emphasized, the strong economic fundamentals support a vibrant housing market, underscoring real estate as a prudent investment for building personal wealth.
St Louis Metro-Area Home Sales and 12-Month Trend – Past 15 Years
(click on report for live report)
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