Housing Market Expected to Improve in 2023

“Transition, hopeful, ease up, expected” are all how experts describe their outlook for the 2023 housing market.

The housing market has gone through a lot of change recently. Much of it due to how quickly mortgage rates rose last year.

There are signs things are going to turn around in 2023. The recent home price appreciation frenzy is slowing, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

Bottom Line

A turnaround in the housing market could be exactly what you’ve been waiting for. What’s your next real estate goal? I’d be honored to help. Call Greg (614) 674-3939