House Prices Will Go Down – In this blog post, we’ll discuss what experts predict for the US housing market in 2023. Will home prices fall in 2023? There is no single answer to this question, as the US real estate market will likely vary depending on location and other factors. However, some experts believe the market will slow in 2023, while others believe home prices will rise.
Most real estate experts predict less demand from buyers, lower prices and higher borrowing rates. Rate hikes, coupled with a shortage of availability, have pushed many buyers to the sidelines. Home prices may fall slightly, but not as dramatically as they did in 2008. Some believe the housing market will continue to outperform pre-pandemic.
House Prices Will Go Down
The real estate market is always in motion, and forecasting for the future can be challenging to do. However, experts are making some guesses about what we can expect in the coming years. Here’s a look at some housing market predictions for 2023. According to a Forbes Advisor article, home prices are expected to continue to slowly decline, making it difficult for many homebuyers to access affordable housing.
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However, the article notes that there may be some relief for buyers in the form of more inventory available on the market. This can help level the playing field, making it easier for more people to find a home they can afford. Another prediction from US News & World Report is that the housing market will experience a relatively shallow recession that stops and starts in 2023.
This forecast assumes that inflation will be under control by 2024, allowing mortgage rates to remain stable. In this scenario, house prices are expected to rise, but at a slower pace than they have been in recent years. Zillow also has some predictions for the housing market in 2023. One of the more positive ones is that housing affordability is expected to improve slightly. While high monthly mortgage costs and low inventory will remain a challenge, there are signs that conditions may be stabilizing.
This could be good news for first-time home buyers, who have been struggling to find affordable housing in recent years. Another Zillow forecast is that home prices will continue to rise but at a slower pace. This could be due to a number of factors, including higher interest rates, more inventory available on the market, and a slowdown in the rate of job growth. While this can make it harder for some buyers to afford a home, it can also make it easier for others to find a property that fits their budget.
Finally, some experts predict that the real estate market will continue to be shaped by demographic changes. For example, as baby boomers continue to retire, they are more likely to downsize their homes, creating more opportunities for younger buyers to enter the market. In addition, millennials are expected to continue to be a driving force in the housing market, with many of them reaching their prime home buying years in the coming years.
Housing Market Predictions
Of course, these predictions are just that: predictions. The real estate market can be unpredictable and unforeseen factors can always come into play. However, these educated guesses can give us a general idea of what we can expect in the coming years. If you plan to buy or sell a home in 2023, it may be helpful to keep these predictions in mind as you make your plans.
Fannie Mae, a leading source of mortgage financing in the United States, has released its latest housing market forecast. The forecast provides information on expected trends and expectations for home sales, home starts and mortgage originations.
Fannie Mae’s overall home sales forecast remains relatively stable, with a slight revision to the numbers. Total forecast sales for 2023 were revised upward to 4.86 million units from the previous estimate of 4.84 million units. This review suggests a slightly more optimistic outlook for home sales in the current year. However, for 2024, there was a slight downward revision to 5.01 million units, from the previous estimate of 5.03 million units.
The housing starts forecast, which refers to the number of new residential construction projects started, saw an upward revision. This revision is primarily attributed to a more positive outlook for near-term single-family housing starts. Although the adjustment is modest, it indicates a favorable trend in new construction activity.
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Fannie Mae’s mortgage purchase outlook saw a modest upward revision, in line with the revision in home sales. This adjustment reflects the expectation of an increase in mortgage originations in line with the expected growth in home sales. However, the positive revision in purchase mortgage originations was offset by a downward revision in refinancing originations. As a result, the overall impact on total originations for 2023 is minimal, with volume projected to remain at $1.65 trillion, unchanged from the previous forecast of $1.66 trillion.
Looking ahead to 2024, Fannie Mae predicts a further increase in total originations, with a projected volume of $2.03 trillion. This figure represents a slight upward revision from the previous estimate of $2.02 trillion. The revised outlook for mortgage lending in 2024 suggests continued growth in the real estate market and mortgage financing activities.
In conclusion, Fannie Mae’s housing market forecast indicates a relatively stable outlook for home sales, home starts and mortgage origination. Although there were slight revisions to the numbers, overall trends point to a resilient housing market with modest growth expectations. As the market evolves, it will be critical to follow these projections closely to make informed decisions in the real estate and mortgage sectors.
Zillow, the leading online real estate company, has released its latest Home Sales and Value Forecast for May 2023. This forecast reflects the current state of the real estate market and provides valuable information for home buyers, sellers and investors. Let’s dig into the key takeaways from Zillow’s May 2023 forecast.
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Zillow’s forecast reveals a positive outlook for home values in 2023. The company expects a significant increase in home values compared to the previous month’s forecast. Specifically, Zillow projects that home values will grow by 3.9% in 2023, which indicates a considerable increase. This review suggests that the market is experiencing stronger growth potential than previously anticipated. Accelerating monthly home value growth in April, which is in line with pre-pandemic expectations, played a crucial role in driving Zillow’s forecast.
Mortgage rates play a key role in determining the affordability of homes for potential buyers. Zillow’s long-term outlook for mortgage rates has been revised downward, which could have a positive impact on housing affordability. Lower mortgage rates would allow more buyers to enter the market, boosting housing demand and potentially putting upward pressure on home values. However, it is important to note that the looming threat of a debt default can have adverse effects, causing mortgage rates to soar unless a resolution is reached.
The availability of housing inventory is a critical factor in the overall dynamics of the real estate market. Zillow’s latest forecast predicts a lower inventory of homes for sale compared to previous projections. The combination of increased affordability due to lower mortgage rates and tighter inventory conditions is expected to put upward pressure on home values. This forecast adjustment suggests that the market is becoming more competitive for buyers due to limited supply, which may lead to higher prices.
Zillow’s forecast for existing home sales in 2023 remains relatively flat compared to last month’s estimate. The company made a slight upward revision, projecting 4.36 million existing home sales for the year. However, it should be noted that this figure represents a 13% decrease compared to the number of sales recorded in 2022. The expectation of lower mortgage rates, which stimulates demand, is partially offset by the lower projection of housing inventory. As a result, the real estate market is expected to experience a moderate decline in sales volume compared to the previous year.
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Some regional markets are expected to see declines in home prices. In its latest forecast, home values are now predicted to fall in just 42 of the nation’s 895 regional housing markets between April 2023 and April 2024. Houma, a city located in southern Louisiana, tops the list with a projected decline of 8 .0% in housing prices until March 2024.
Zillow still predicts that the vast majority of regional real estate markets will see home values appreciate in 2023. Among the 897 regional real estate markets analyzed by Zillow economists, 853 markets are projected to see home prices increase over the next twelve months that will end in April 2024. Another 11. markets are expected to remain flat. The Kentucky (Murray) housing market is expected to experience the highest year-over-year home price growth at 15.9%.
Selma Hepp, Interim Chief of CoreLogic’s Office of the Chief Economist: Real estate activity and consumer sentiment regarding the housing market plummeted after the recent rise in mortgage rates above 7%. Home price increases remained close to single digits in October, and this trend is expected to continue through the rest of the year and into 2023.
Will House Prices Go Down In 2023?
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