2024 Housing Outlook

Article originally posted on Phoenix Business Journal on February 16, 2024

The metro Phoenix housing market is rebounding just as mortgage interest rates are expected to dip as 2024 unfolds.

Local analysts are optimistic that any drop in mortgage interest rates will be the catalyst needed to spark a surge in home closings.

“We are expecting a positive outlook for housing in 2024,” said Tina Tamboer, senior housing analyst for The Cromford Report. “The positive outlook is not necessarily in properties appreciating a bunch. The positive outlook is that more people may be able to participate in the housing market as a seller or a buyer.”