Realtors optimistic about housing market as mortgage rates continue to fall

In this Wednesday, Feb. 17, 2016, file photo, town homes stand under construction as a pedestrian walks along the BeltLine in Atlanta. e real estate firm Zillow. (AP Photo/David Goldman, File)

Mortgage rates declined in the final weeks of 2023 pumping some cautious optimism into the housing market as economic forecasters predict rates will drop further.

WABE business reporter Marlon Hyde joined “All Things Considered” to share what he learned after speaking with the Georgia Realtors Association.

According to the association’s president, Jim Barner, new listings increased by ten percent over the last year, adding just over 12 thousand homes.

“Normal listings on market for Georgia, I would say it would be somewhere around 90,000. And we’re way below that,” said Barner.

Hyde said Barner predicts brighter days ahead for the industry as the Federal Reserve expects to cut its benchmark interest rate later this year.

Christopher Alston contributed to this report.