Over the past year, the housing market underwent an about-face as rapidly rising mortgage rates dramatically slowed home sales activity. In 2023, the housing market is expected to continue its correction and the housing market should stabilize.
As we move into the colder months of the year, we can expect further declines in home prices. A new report shows homes are still selling in the United States, but prices aren’t going up nearly as fast as they were since early in the pandemic.
U.S. home prices are finally falling from a record high notched earlier this year; and while it depends on the specific market, some buyers are beginning to see a more normal buying experience.
After spiraling to new heights during the pandemic, the housing market is finally starting to cool. Home prices appear to have peaked in a growing number of U.S. markets.
The U.S. housing market continues to move toward more evenly balanced supply and demand compared to the 2021 frenzy. Home prices are coming down in some areas, and analysts expect that trend to continue.
Admittedly, the landscape for buyers looks bleak. Yes, prices are rising and will continue to do so — but that will be good news for you once you’re all moved in.
The days of soaring home values and bidding wars may not be through just yet. Although rising mortgage rates are expected to eventually alleviate demand, scarce housing inventory continues to pose a challenge for today’s homebuyers.
Now that mortgage rates have returned to pre-pandemic levels, new home buyers are starting to feel the full weight of record prices.
Now that mortgage rates have returned to pre-pandemic levels, new home buyers are starting to feel the full weight of record prices.
With the onset of the spring market, rising mortgage rates, and fewer active listings compared to one year ago, buyer competition has intensified.