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Housing market forecasts for 2023 have varied predictions, with some expecting gains of around 5% to others expecting a deterioration of over 5%. What is clear is that the era of low mortgage rates, buying frenzy, and double-digit price growths is over.
It was one of the fastest growing markets in 2021 and is now expected to be one of the worst performers in 2023.
Home prices in Boise, Idaho rose rapidly after the pandemic hit, climbing 38.6% y-o-y from Q2 2020 to Q2 2021.
As 2022 winds down and we enter 2023, there are many predictions going around with respect to what will happen to the housing market in the next year. Here is a recap of 2022 and what we can expect going forward.
Some are predicting prices to depreciate by 20%, while others are forecasting smaller declines, and few are calling for an increase in prices. The low inventory that is available for sale is what is preventing house prices from a steep decline. Higher mortgage rates have impacted demand, but have also frozen up supply.
The real estate market is rebalancing as supply and demand are adjusting to the higher mortgage rate environment. An increasing number of prospective homebuyers have found that their dream homes have been pulled out of reach as mortgage rates climb…
The real estate market is rebalancing as supply and demand are adjusting to the higher mortgage rate environment. An increasing number of prospective homebuyers have found that their dream homes have been pulled out of reach as mortgage rates climb…
One of the mortgage industry’s biggest challenges is identifying and preventing potential racial bias in the home valuation process. This report analyzes home valuation data in minority communities in the following cities: Chicago, Atlanta, Houston, Los Angeles, Philadelphia
The housing market cool-off started as mortgage rates started to climb at the beginning of 2022. The 30-year fixed mortgage rate is now close to 7%, a level last seen in the early 2000s. Affordability constraints cooled down demand significantly, ending the housing market frenzy seen in 2020-21.
Pending listings declined over Q3 2022 in the highlighted markets, but the extent of the decline varied regionally. Salt Lake City, UT and Las Vegas, NV witnessed the sharpest declines of 24.3% and 22.4% respectively from June to September, while in San Diego, CA the decline was less than 10%.
After two years of rapidly rising prices, the housing market seems to have lost steam. There is widespread expectation that the U. S. will fall into recession as the Fed continues to raise interest rates. The following indicators also confirm that the trend in the housing market has shifted.
