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.

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The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.

The States Losing Rural Delivery Rooms at an Alarming Pace
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The Small South Asian Republic Going all in on EVs
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DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
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