The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO has said

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The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO .Anticipating a shift in the housing market, Jerry Tobin, the CEO of NAHB (National Association of Home Builders), foresees increased demand and construction activities in 2024. This marks a turnaround from recent years characterized by low inventory and subdued market dynamics.Tobin expressed optimism about a housing renaissance in 2024, considering it a pivotal year that moves beyond the post-COVID slowdown. He envisions the next five to six years as a period of substantial growth in the housing market.Homebuilders play a crucial role in addressing the housing supply shortage, particularly as high mortgage rates deter potential sellers from entering the market. With mortgage rates now declining, NAHB's sentiment index has experienced a notable boost. Additionally, home purchase mortgage applications witnessed a remarkable 22% year-over-year increase in December, according to the Mortgage Bankers Association.In December, housing permits saw a 1.9% rise from November and a 6.1% increase from the previous year, according to US Census data. Although housing starts experienced a 4.3% monthly decline, they are up by 7.6% compared to the same period a year ago.Tobin highlighted the momentum in late 2023 and expressed expectations for a significant upswing in 2024. Increased foot traffic in model homes in recent months indicates a potential surge in homebuying during the upcoming spring season. This positive trend is attributed, in part, to the steady decline in mortgage rates, with the 30-year fixed mortgage rate reaching its lowest level since May 2023 at 6.60%, according to Freddie Mac data.