2024 Housing Shakeup: Renting Rise, Boomerang Returns, and Price Drops?!

The housing market is expected to improve in 2024 as mortgage rates cool and inventory rises. 

Home sales are to pick up by 5% to 4.3 million, and prices to fall by 1%. 

Home-buying fees to decline due to increased competition among real estate firms. 

Renting is becoming more popular, especially for smaller units. 

Boomerang migration' as workers return to expensive cities and flee climate-disaster risks. 

Americans priced out of the market may move back in with their parents. 

Average 30-year fixed rate to fall to around 6.6% by year-end. 

Prices of large rental units are to climb, but prices of smaller units are to see downward pressure. 

Redfin's chief economist, Daryl Fairweather, predicts changes will favor buyers.