Interest rates projected to decrease in 2024

MEDFORD, Ore. – The latest real estate statistics are in. Potential homebuyers may have reason to be optimistic for 2024 according to the latest market trends.

Last week the Rogue Valley Association of REALTORS held a press conference on the 2023 year and real estate statistics.

Real Estate Agent Colin Mullane broke down last year’s market statistics for Jackson and Josephine counties and predicted trends for 2024 overall. The group says 2023 saw higher interest rates, lower residential inventory, and slightly lower sales than in 2022. He says the housing shortage has contributed to higher interest rates and there’s not enough homes for buyers.

Right now the interest rate is hovering just below 7%.

“I think the big story for this year is if rates don’t come down, inventory won’t increase and you’ll see another fairly flat year with regards to sales and inventory,” said Mullane.

He urges buyers to decide what interest rate they will wait for before taking action. Most sellers and buyers are waiting for an interest rate below 6% but he believes we’re heading in that direction.

Mullane says interest rates won’t decline as fast as they increased but even a small decrease will be a blessing to buyers.

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