Housing Market Update for Q1 2024 | NAR No Money | Zillow Lawsuit | AI Predictions
Housing Market Update for Q1 2024 | NAR No Money | Zillow Lawsuit | AI PredictionsDescription
As we approach the end of Quarter 1 of 2024, we take a look at current market trends surround the housing market. Federal Chairman Jerome Powell recently addressed congress March 7 indicating that there will be no change to high interest rates now until the economy reaches its inflationary target of 2%. However, Powell believes cuts are likely to happen at some point this year. Regardless of interest rates, there continues to be an over 7 million home shortage across the United States, which is causing housing prices to surge. Housing prices are directly effected by supply and demand. Great demand with lack of supply correlates to increased home prices. In addition, Arizona Regional MLS (ARMLS) and Metro MLS filed a motion to dismiss Zillow's antitrust lawsuit against them. Zillow alleges that the named MLS' were violating antitrust law by restricting access to Zillow's home showing management platform ShowingTime. Also up, the National Association of Realtors no longer have insurance money to cover regional Realtors associations in the event they suffer lawsuits related to the Sitzer/Burnett vs NAR lawsuit
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