With mortgage rates dropping to their lowest levels in almost a year, house hunters are returning to a market that many had shied away from in 2023.

CoreLogic expects prices to continue to grow through the year.

Falling mortgage rates and more inventory could mean an improvement in housing affordability in the new year.

How will our homes evolve in the new year?

The only region of the U.S. that didn’t experience an annual decline in existing home sales was the Midwest, where sales were unchanged year over year.

Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.

Last month, homebuyer demand showed its resilience, despite mortgage rates being at a 23-year high and inventory continuing to be limited.

A record number of homesellers are dropping their prices as buyers continue to feel the impact high mortgage rates are having on their wallets.

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

Find out which brokers, teams and offices had the highest quarterly sales numbers across Chicagoland.

The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.   

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

Brutalist style and sensory gardens may seem at odds — but they are both hot home design trends that will rule 2024. At least, according to new predictions from Zillow.

A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey. 

New home listings are still on the rise, despite mortgage rates hitting the highest level in more than 20 years. And those high mortgage rates are pushing monthly housing payments higher than they’ve ever been.

Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices.