Experts Forecast a Turnaround in the Housing Market in 2023
The housing market has seen a lot of change recently, much of it due to how quickly mortgage rates rose last year.
As we approach 2023, there are signs that things will begin to improve. The recent frenzy in home price appreciation has slowed, mortgage rates are falling, inflation is easing, and overall market activity is beginning to pick up. This is all good news for the housing market this year. Here's what experts have to say.
Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:
“The current state of the housing market is that it is certainly in transition.”
Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:
“Housing is going to ease up. I think 2023 will be a turnaround year.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”
If you're planning to relocate this year, a rebound in the housing market could be just what you've been looking for. Learn about the latest trends in your area by working with a local real estate professional.
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