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Forecasting the 2023 RE Market
New year, new market? Well, not exactly. After the past 3 years of dramatic housing price increases, the real estate market saw a significant drop off in demand starting in the fall of 2022. Much of this steep decline was due to the doubling of housing interest rates in the past year combined with extremely high housing prices across much of the nation. The kicker for most consumers was the growing inflation as well. This has been the perfect storm for a market slowdown.
As we enter 2023 there is a lot of foresight for stability throughout the housing market. An estimated forecast of the national real estate sales is provided below. Home prices are not expected to fall synonymously with unit sales. The prospect of an uptick in home buying and selling is doubtful and strongly depends on our economy.
To recap, it will take time to regain momentum in this industry, and 2023 is the year to find the housing market’s foothold once more.
There are so many factors and predictions about what’s to come in the housing market so don’t hesitate to reach out with any questions, comments, or thoughts.
Happy new year,