In 2023, home sales experienced a significant drop of 19%. However, with the approach of the Presidents Day holiday weekend, the housing market anticipates a robust spring homebuying rush, potentially driving house prices higher throughout 2024. Zillow economists predict a 5% surge in home sales by the end of the year, and real estate agents are already noticing increased buyer interest. Touring activity has picked up faster compared to the previous year. Consumer sentiment improved in January, attributed to greater job security and the possibility of falling mortgage rates. Mortgage rates have decreased from a peak of around 8% in October to approximately 6.6% recently. Additionally, prospective sellers are prompted to list their homes due to life events such as marriage or job relocations.
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