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Home prices could post surprisingly strong gains in 2024 if mortgage rates ease and inventory remains scarce, according to a Fannie Mae poll of more than 100 housing experts conducted by Pulsenomics.

Three months ago, the Pulsenomics panel of housing industry and academic experts was predicting 2.4 percent home price appreciation this year, followed by 2.7 percent gains in 2025.

The latest Fannie Mae Home Price Expectations Survey (HPES), conducted between Jan. 29 and Feb. 9 by Pulsenomics, found the panel expecting 3.8 percent annual national home price appreciation this year and 3.4 percent growth in 2025.

The panel’s latest forecast for 2024 home price appreciation is 1.4 percentage points greater than the December forecast, and the lack of homes for sale and lower mortgage rates appear to be the main drivers.