The company’s Economic and Strategic Research (ESR) Group noted that many large metro areas in the Sun Belt now have inventory levels that match or even exceed for-sale inventories of 2019, prior to the COVID-19 pandemic, which has caused Fannie Mae to downwardly revise its forecasts for housing starts and
Home price growth in the second quarter was stronger than previously anticipated, but economists at Fannie Mae believe it will likely moderate soon, closing 2024 and 2025 at annualized rates of 6.1% and 3%, respectively.
Even with more listings of homes available for sale compared to a year ago, existing-home sales fell in June. Fannie Mae economists said that increased supply and affordability constrained demand should result in moderating prices. Home prices were up 3% on a non-seasonally adjusted basis in the second quarter.
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