Fannie Mae’s Economic and Strategic Research (ESR) Group said on Friday that it expects a slower recovery of the U.S. housing market than previously forecast.

That’s because volatility in inflation readings and resilience in nonfarm payroll growth may provide the Federal Reserve confidence to cut benchmark rates only once in 2024.   

“Unfortunately, we’re still not forecasting a ramp-up in housing activity, which will require some combination of continued household income growth, a further slowing of home price appreciation, or a decline in mortgage rates to bring affordability within range of many waiting first-time and details ⇒

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