The housing market has two big problems: home prices and a lack of supply. With so few homes on the market, buyers have barely anything to choose from, and sellers remain in control. But how did we get to this point? Back in 2008, there were too many homes on the market, and we all know what happened to home prices. So how did we go from being oversupplied to undersupplied by MILLIONS of housing units so quickly? The answer is pretty simple.

Mark Zandi, Chief Economist at Moody’s Analytics, joins us again to give his take on the 2024 economy, the housing market, home prices, and our massive underbuilding problem. The last time Mark was on the show, he explained the “slowcession” that could have taken place in 2023. Instead, a roaring economy took off with low unemployment, high consumer spending, and real wealth increases for many Americans.

But, as we head into 2024, there are still a couple of BIG problems: little-to-no housing supply and a polarizing presidential election of epic proportions. Both of these will have big impacts on the economy, and if you want to know what could be coming next, don’t miss this episode!

In This Episode We Cover:

The “rip-roaring” labor market and why unemployment has stayed so low

Why middle and high-income households are thriving while low-income households are struggling even more

The Fed’s recent rate pause and whether it was the right move for them to make

The 2024 election and the huge effects it could have on the economy

Our lopsided housing supply and why we’ve been building the wrong real estate for too long

Marks’ 2024 home price predictions and why weak/flat pricing could be in our future

And So Much More!

Links from the Show

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On The Market

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Hear Our Last Episode with Mark on the US Bank Failures

Home Building is Exploding, But Will it Solve Our Inventory Crisis?

Connect with Mark:

Economic View

Mark's X/Twitter

Click here to listen to the full episode: https://www.biggerpockets.com/blog/on-the-market-175

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