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At the National Association of Realtors’ (NAR) fifth annual Real Estate Forecast Summit: The Year Ahead, NAR chief economist Lawrence Yun shared his predictions for 2024.

Yun predicts 4.71 million existing-home sales in 2024, up 13.5% from 4.1 million anticipated in 2023. Additionally, he is expecting the housing market to grow, and Austin, Texas, will be the top real estate market to watch.

“Metro markets in Southern states will likely outperform others due to faster job increases, while markets in the Midwest will experience gains from being in the most affordable region,” he states.

Yun also foresees 1.48 million housing starts in 2024, including 1.04 million single-family and 440,000 multifamily, and the median home price will reach $389,500, an increase of 0.9% from this year.

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