Boston Condo Are Coming Buyers Back to the Market?
Boston Condo Are Coming Buyers Back to the Market?
Yes, they are. Below is the latest update on home prices and the overall real estate market.
U.S. home prices will rise steadily over the next few years amid prospects for modest interest rate cuts by the Federal Reserve and as many existing homeowners keep their doors closed to selling, according to property experts polled by Reuters.
As aggressive Fed rate hikes have sharply pushed up the cost of standard 30-year mortgages to more than 7%, existing homeowners have held on to rock-bottom rates from the pandemic, some below 3%, limiting the supply of homes for sale.
That, combined with relentless demand for a place to live and a strong economy, cushioned a brief correction in the market. Average house prices soared around 50% during the pandemic and again hit a new record last year.
After rising about 6% last year, defying previous expectations of declines, average home prices are forecast to grow 3.3% this year and around 3.0% in 2025 and 2026, according to the median of 28 analysts in a Feb. 15-March 1 Reuters poll.
Forecasts were based on the S&P CoreLogic Case-Shiller composite index of 20 metropolitan areas.
That outlook was upgraded very slightly from three months ago, modestly outpacing expectations of headline inflation, seen averaging 2.7% and 2.3% this year and next, respectively, according to a separate Reuters survey.
Ford Realty Inc., Boston Beacon Hill Location
Boston condos for sale – Ford Realty Inc
Updated: Boston Condos for Sale Blog 2024
John Ford Boston Beacon Hill Condo Broker 137 Charles Street Boston, MA. 02114
Where is Ford Realty Located?
Ford Realty is located in 137 Charles Street in Beacon Hill
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Boston Condo Are Coming Buyers Back to the Market?
Even though the Boston condo for sale market is no longer…