A December report forecasts a continued “lock-in effect” due to high mortgage rates and a low production of multifamily housing.

A press release from Fannie Mae predicts that the “lock-in effect” in the housing market will continue into 2025, “with existing home sales forecast to move only slightly upward from recent multi-decade lows, according to the December 2024 commentary from the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group.”
Fannie Mae economists had five key predictions for the upcoming year: average mortgage rates will decline, but remain above 6 percent; existing home sales will remain low; new home sales will offer some options to prospective homebuyers — “where they can be built;” home price growth will slow; and multifamily housing “will remain in a holding pattern,” unwelcome news for households seeking smaller, more affordable housing types.
“While we think conditions on a national basis will remain challenging, we’re seeing meaningful regional differences in market conditions, and the homebuying experience — as the adage goes — will continue to be a local one,” said Mark Palim, Fannie Mae Senior Vice President and Chief Economist.
FULL STORY: Housing Market Unlikely to Thaw in 2025 Due to Affordability Challenges and 'Lock-in Effect'

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Map: Where Senate Republicans Want to Sell Your Public Lands
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Toronto Weighs Cheaper Transit, Parking Hikes for Major Events
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Berlin to Consider Car-Free Zone Larger Than Manhattan
The area bound by the 22-mile Ringbahn would still allow 12 uses of a private automobile per year per person, and several other exemptions.
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