The housing market is really expensive—we all know that by now. Affordability is the worst it has been since the 1980s, and that has a lot to do with mortgage rates that reached slightly above 8% following years of historically low rates and home prices that skyrocketed during the pandemic-fueled housing boom. But Morgan Stanley has a 2024 outlook that could be welcomed by homebuyers.
“We think we are poised for an improvement in affordability that we have only seen a handful of times over the past ~35 years,” the strategists, led by Jay Bacow and James Egan, wrote in the note.
