Real Estate Blog
Most analysts predict that home prices will grow in the majority of the housing markets next year albeit slightly. If inflation persists, the Fed could tighten more than anticipated by the financial markets. This would result in higher mortgage rates, which will impact the U.S. housing market. If inflation falls or a recession develops in the near future, the Fed may soften financial conditions.
What does 2023 hold for the housing market? Here's what experts have to say about what lies ahead.
Home Price Appreciation Will Vary. Some experts call for slight appreciation and some call for slight depreciation on a national level. In short, home price appreciation will vary by local market. It's all about supple and demand. But, the average is neutral price appreciation for the country.
Mortgage Rates Will Respond to Inflation. Where mortgage rates will go from here largely depends on what happens with inflation in the year ahead. Chief Financial Analyst at Bankrate, Greg McBride, states that the mortgage rates would pull back meaningfully next year if inflation pressures ease.
Home Sales Will Moderate. Home sales are projected to be lower than in 2022 due to higher mortgage rates that have moderated buyer demand.
Will Home Prices Drop in the US?
The historically low mortgage rates fueled an increase in demand, particularly among millennials. However, they are running into a shortage of available housing and now have to face higher rates of close to 6%. Many buyers are still in hope of finding a home that fits their budget and needs. Despite popular belief that now is not a good time to buy, many home buyers are looking to lock in their monthly housing payments.
Although the housing market is still expected to favor sellers we appear to be at a tipping point in the housing market, where prices have risen so dramatically that buyers are backing off and home sales are slowing down considerably as compared to last year. According to U.S. House Price Index – October 2022 released by Federal Housing Finance Agency, house prices fell nationwide in August, down 0.7 percent from the previous month, according to the latest
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What does 2023 hold for the housing market? Here's what experts have to say with what lies ahead.
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