You might be curious about what's happening with the housing market and especially so with home prices as the market cools if you're considering buying or selling a home this year. The extent of home price moderation will depend on factors like supply and demand in each local market, but experts do not anticipate a nationwide drop in prices.
In light of this, home price appreciation will continue to differ by location in the future, with more major changes taking place in hotter regions. Here is a brief summary of what the experts have to say, Danielle Hale, Chief Economist says: “The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices... Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.”
Mark Fleming, Chief Economist, says: “House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”
Taylor Marr, Deputy Chief Economist, says: “For those bearish folks eagerly awaiting the home price crash, you’ll have to keep waiting. As much as demand is pulling back supply is as well reducing downward pressure on prices in the short run.”
John Paulson, Founder, says: “It’s true – housing may be a little frothy. So housing prices may come down or they may plateau...”
How Does This Affect You?
Consult a local real estate professional for the finest advice on how to find the solutions you need. They'll be able to explain the most recent trends in your particular market so you can decide on your next move toward buying or selling a home with assurance and knowledge.
If you have questions about what’s happening with home prices today, connect with Laura Larson now for information on your local market.