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Will home prices fall this spring? Here’s what some experts think
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As spring brings warmer weather and longer days, home buyers and sellers tend to come out of the woodwork. Those who’ve been thinking about buying all winter long, begin to shop around with lenders, lock in interest rates and hunt for their next dream houses. Meanwhile, sellers look for listing agents and begin to put their homes on the market.
But will spring 2024 be a good time to buy?
Interest rates are currently on the higher end. The Fed has been holding its rate at 5.33%, putting the average mortgage rate at close to 7% — a high not seen in years but a decrease from the near 8% it was in 2023. While Fed rate decreases are expected this year, many don’t think they’ll come until at least summer.
As for inflation and home prices, both have come down but are still elevated. The inflation rate has been fluctuating between 3% and 4%, while the median price of houses sold is sitting at $417,700 — down from $479,500 at the end 2022, according to the St. Louis Fed.
If you’re thinking of entering the housing market this spring but wondering what home prices will do, it helps to know what some experts predict. Below, we’ll break down what some are expecting for home prices this spring.
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What will happen to home prices this spring?
Home prices may drop in 2024, but the experts we spoke don’t think it’s going to happen by spring.
Home prices may stay the same
“In my opinion, we’re not going to see significantly lower prices by spring or for 2024 in general, but I also don’t think that prices will significantly increase either,” says Tate Kelly, a real estate broker at Coldwell Banker Warburg.
Kelly explains that the real estate market is going through a rebalancing phase: “Not many homes were up for grabs at the end of 2023, and sellers, as well as buyers, were hesitant mainly due to the high-interest rates creating a situation of low supply and low demand.”
He does, however, think we may see more inventory in 2024 if interest rates drop and sellers get tired of waiting.
“I think buyers and sellers are going to realize that mortgage rates are not going back to the 2019-2022 levels, and after waiting on the sidelines for the past year, they’ll jump back into the market once rates get to 6-6.5%,” said Kelly, “That theoretically should boost housing prices, but I don’t think that will be the case for 2024 simply because buyers don’t have the assets to go on a spending frenzy.”
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Home prices may increase
On the other hand, some experts are predicting price increases.
“Due to the combination of continued low inventory and improved consumer confidence from the anticipated decrease in rates, we are expecting, and already seeing, continued increase in prices,” says Greg Menell, the owner and managing broker of Pendulum Property Group.
“In terms of pricing, this week we had a home come to market for $2.5M that sold for $2.0M 16 months ago. It already has an accepted offer two days later,” Menell adds.
Dan Green, the CEO of Homebuyer.com, says spring’s housing market is the textbook economic concept of supply and demand.
“On one side, there’s loads of buyer demand jumping into the market with mortgage rates down and the economy going strong. On the other hand, you have homeowners who are reluctant to list their homes for sale. There’s an imbalance, and it’s leading home sale prices higher,” Green says.
“Home prices will continue to climb so long as buyers outweigh sellers, and there are millions of home buyers who’ve been waiting on the sidelines these last three years,” he adds.
Local real estate pricing trends can vary
While the predictions vary from home prices holding steady to increasing, none of the experts foresee them dropping by spring. However, keep in mind that trends in local markets can vary from the market at large. Prices may rise significantly in some locations and fall in others, depending on the local economic conditions.
“The pace at which home values rise this spring may slow in certain areas, but it’s like taking your foot off the gas in a car. You’re still moving forward and going fast,” Green says.
Learn more about home prices and mortgage rates here now.
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Dublin’s Grafton Street was mobbed last month when word spread that Coldplay was coming to shoot the video for their new single, “We Pray.”
“I was a little nervous for you there in the beginning,” said Mason.
“Yeah, but you have to just trust in the goodness of people – and the proficiency of the police!” laughed Chris Martin.
Martin was joined by collaborators Burna Boy, Tini, Elyanna and Little Simz. “The five of us actually had never actually played the song in the same place before,” said Martin. “So, our first time doing it was on the street in the middle of all those people.”
Coldplay was in Dublin for four sold-out nights at Croke Park, on their “Music of the Spheres” world tour. With more than 10 million tickets sold, and box office of over $1 billion, Billboard has crowned it “the biggest rock tour of all time.”
Mason asked drummer Will Champion, “You guys are in the middle of literally a record-breaking tour. Does it feel like that to you?”
“Sometimes it’s hard to see the woods for the trees,” Champion replied. “We’re aware that we’re having such a great time. We’re really enjoying ourselves.”
“It definitely was extremely loud last night,” said bassist Guy Berryman.
Champion, Berryman, Martin and guitarist Jonny Buckland haven’t always felt the love, especially in the early years. But critics, who once asked “Why does everyone hate Coldplay?” are now calling them “the 21st century’s defining band.”
“It seems like you’ve kind of been fully embraced even by the music critics,” said Mason.
“Well, you’re very sweet. I mean, that’s just not true!” laughed Martin.
“I don’t think you’re ever fully embraced,” said Buckland.
“Also, we are really not a rock band,” said Martin. “So, when we’re judged by those parameters, we’re always gonna come up short. One thing I’d say that we’ve become more comfortable with is just being ourselves.”
Their catalog of hits stretches across a quarter of a century. Martin said, “The truth of it is, some songs arrive fully formed, basically – not Jonny’s parts or Will’s or Guy’s parts, but my part. And those are the rarest, but they’re always the best, the ones that I had least to do with.”
“But sometimes they’re the hardest to produce, because you don’t want to ruin them!” laughed Buckland.
Martin says he can feel that right away: “Definitely, yeah. The songs of ours that have connected with the most people, they connected with me first. I was like, ‘Oh, this is really good!’ ‘Yellow,’ ‘Viva La Vida,’ ‘Fix You,’ ‘Sky Full of Stars.’ They just land.”
“Viva La Vida” by Coldplay:
“So, in a strange way, you’re listening to it, you’re the first person to listen to it; that’s what it feels like,” said Martin. “With the song ‘We Pray,’ we were in Taiwan on tour about ten months ago. I think it was after a show and I woke up in the middle of the night, this song was just in my head called ‘We Pray.’ And it said, ‘You have to get outta bed and do this now.'”
Coldplay performed “We Pray” with their collaborators on stage for the first time in Dublin. “To have heard a song in the middle of the night in Taiwan and then ten months later it’s on stage in Dublin? I mean, that’s in itself an amazing journey,” Martin said.
Martin started writing songs at a young age: “The first one arrived when I was about 11,” he said.
Martin is always writing, even while on the road. Every morning, he sits down to write freeform – whatever he’s thinking about. “I do that as a way of staying sane!” he laughed. “For 12 minutes in the mornings, I write anything that’s in my head, and it’s often very terrible and very depressed or very anxious, or all of the stuff that you don’t really want anyone else to hear, but you need to release. So, I do that for 12 minutes, and then I burn it.”
“You literally light it on fire?” asked Mason.
“Yeah, or tear it up and flush it away. And it just kind of gets rid of so much nonsense,” Martin said. “Definitely helps in a band, too. Because in the old days we would have a lot more tension and a lot more volatility. But that’s calmed down a lot.”
Buckland was asked about the incredible sense of community at their concerts. “I think this is the point where we are most happy,” he said. “I think we got to that point by being in a band for 25 years and then finally it sort of all clicking into place.”
“Is that just a process of time?” asked Mason.
“Well, I think a process of time and hard work,” said Martin. “We’ve worked quite hard on how we communicate with each other and giving each other space. We tour a lot slower now. We only do about 65 shows a year, which isn’t that many.”
Coldplay’s new record, “Moon Music,” is the band’s tenth studio album.
Martin has said the band would release its last album in 2025. “It was right and it was wrong, like most things I say,” Martin explained. “We are only going to do 12 proper Coldplay albums, but we’re a little bit behind. Not too far behind!”
Buckland explained, “We’re asking for an extension!”
So, why 12 albums? “That’s just what it’s supposed to be,” Martin replied. “I don’t think anyone needs more than that from us. The Beatles did 12.”
Mason asked, “Do you guys have other things you want to do? Is that part of this?”
“Not at all. We’d like to keep playing live,” said Martin.
“So, that goes on?”
“Oh, yeah, yeah – that gets better and better,” Martin said.
“Don’t wanna stop Coldplay,” said Buckland.
You can’t stop Coldplay. Chris Martin says he has to keep sprinting across stadiums.
Why does he have to? “I think it’s like asking an apple tree why does it make apples?” Martin replied. “That’s ’cause that’s what I was made to do. And also, I’m really happy doing it.”
Coldplay performs “feelslikeimfallinginlove” at Glastonbury 2024:
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Story produced by Jon Carras. Editor: Mike Levine.
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On Tuesday, former President Jimmy Carter turns 100 years old. Among those wishing him well is a man who understands the trials of life in the Oval Office, our current President, Joe Biden:
Mr. President, on behalf of the entire Biden family, and the American people, Happy 100th Birthday!
Mr. President, you’ve always been a moral force for our nation and the world. I recognized that as a young senator. That’s why I supported you so early. You’re a voice of courage, conviction, compassion, and most of all, a beloved friend of Jill and me and our family.
We know this is the first birthday without Rosalynn. It’s bittersweet, but we also know she’s always with you. She’s in your heart; she’ll never go away. She may be gone, but she’s always going to be with you. She’s always there, and I know you know that.
Your hopeful vision of our country, your commitment to a better world, and your unwavering belief in the power of human goodness continues to be a guiding light for all of us.
You know, you’re one of the most influential statesmen in our history. Even after you left office, the moral clarity you showed throughout your career showed through again in your commitment through the Carter Center and Habitat for Humanity – resolving conflicts, advancing democracy, preventing disease, and so much more. It’s transforming the lives of people not only at home but around the world.
Put simply, Mr. President, I admire you so darn much.
Jill and I send to you and your incredible family our love. May God continue to bless you, Mr. President. You’ve been a good friend.
Gallery: President Jimmy Carter
Gallery: Carter before the White House
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Story produced by Robert Marston. Editor: Steven Tyler.
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