STATE OF HOUSING MARKET
What are the experts predicting for the housing market forecast for the rest of 2023?
As we move into the later part of the year, what is expected to happen in the housing market? Here is what the experts think: Home Prices will vary locally by market. The good news is that prices are continuing to appreciate again in many areas nationwide and forecasts predict a positive price growth.
Mortgage rates we have all seen take a wild ride of interest rates this year. Where mortgage rates will go for the rest of the year depends on inflation reports and what the feds decide to do. Based on historical trends, rates are likely to ease or remain the same. Home Sales Inventory continues to be low in much of the country, however, experts project 5 million homes will still sell this year.
As always, if you are planning on buying or selling, it is always important to reach out to your local real estate expert to give you the most up-to-date numbers in your area.
Whether you want to sell your existing home, buy your first home, upsize, downsize, purchase a vacation home, or just talk about options, a real estate professional is your best source for information based on current trends in our area. If you're interested in learning more about the 2023 real estate forecast, don't hesitate to reach out - we're happy to help!