Owning a house is a right of passage for many Americans. While buying a home was never particularly easy, in the past few years, it has become especially difficult. An unfortunate confluence of two factors has led to this difficulty: a rise in home prices and a spike in mortgage rates. With both of these factors working against potential homebuyers, many people are wondering when things will get better.
When will home prices fall?Believe it or not, home prices have actually already started to fall in some places. In California, for example, home prices are projected to fall by around 1.5% in 2023 compared to 2023, per a report from the California Association of Realtors — but the group expects prices to go up by 6.2% in 2024. So, there's a good chance that the small dip we've seen in housing prices in California won't continue into next year.
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