**Key Takeaways from the Housing Market Trends in 2024**

The housing market in 2024 is facing significant challenges, with rising mortgage rates and home prices dampening hopes of a spring recovery. Existing home sales have declined, while new home sales continue to thrive. The looming $418 million real estate broker commissions settlement with the National Association of Realtors is set to bring significant changes to the industry starting in July.

Experts predict an increase in home sales transactions compared to last year, but anticipate a slower increase in home prices. Despite ongoing affordability hurdles, Fannie Mae forecasts a gradual build in inventory this year.

The settlement with NAR will impact the buying and selling process, with new rules mandating changes to broker compensation. This will have a significant impact on buyers, especially first-time homebuyers and those using FHA or VA loans.

Overall, the housing market faces uncertainty in 2024, with questions about a potential housing market crash and an increase in foreclosures. While some experts remain optimistic about a housing recovery this year, others caution that challenges remain, particularly for buyers in today’s tight housing market.

Buyers and sellers are advised to stay informed about market conditions, be flexible in their approach, work with local real estate agents, and ensure their homes are in top-notch shape. The best time to buy a home is when you find a home that meets your needs and you can afford, as predicting market fluctuations is challenging.