, Zillow housing economists have revised their estimates to be even more optimistic heading into 2024, predicting U.S. home prices will rise 6.5% from July 2023 to July 2024. That's up from their 6.3% prediction last month.
"Just over half as many homes were listed for sale in July compared to the same month in 2019, and 29% fewer new listings entered the market in July than what was typical this time of year prior to the pandemic," Zillow economists wrote. "This shortage has buoyed competition for the homes that are for sale. Homes that went under contract in July did so in 12 days — a week and a half faster than what was typical in 2018 and 2019.
Along with Zillow, firms like CoreLogic and AEI Housing Center believe home prices have bottomed, Fortune reported. However, firms including Moody's Analytics and Morgan Stanley have a more bearish outlook, predicting home prices could dip again sometime between now and the end of 2024.Zillow's forecast model predicts 120 of the nation's 400 largest housing markets will see even bigger increases than 6.5% — some 7% or greater over the next year, Fortune reported.