Downward-trending mortgage rates and a strong job market will bring homebuyers back to the table, according to NAR Chief Economist Lawrence Yun.

A wave of homebuilding is expected to start up in 2024 and run through the end of the decade, according to the NAHB.

While buyer preferences for more space — both inside and outside the home — remain and supply chain issues continue to stifle home construction efforts, other factors, such as the potential increase in interest rates, are expected to change the game in 2022.