The housing market has experienced significant changes lately, largely due to the rapid increase in mortgage rates last year. However, as we progress into 2023, there are indications of a positive shift. The rapid increase in home prices is slowing, mortgage rates are declining, inflation is becoming more manageable, and overall market activity is starting to increase. These developments are welcomed news for the housing market in the current year. Experts are offering the following opinions.
According to Cristian deRitis, Deputy Chief Economist at Moody’s Analytics, the housing market is “in transition.”
Professor Susan Wachter from the University of Pennsylvania’s Wharton School predicts that “housing is going to ease up” and sees 2023 as a “turnaround year.”
Lawrence Yun, Chief Economist at the National Association of Realtors, believes that with recent drops in mortgage rates, “the worst in home sales is probably coming to an end.”
Robert Dietz, Chief Economist and Senior Vice President at the National Association of Home Builders, states that a “turning point for housing lies ahead” as single-family home building is expected to increase due to lower mortgage rates, making housing more affordable.
Final Thoughts
If you are considering purchasing a home in the near future, the positive shift in the housing market could be a favorable opportunity for you. Please feel free to reach out to discuss the latest developments and trends in your area.
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