Are home prices finally becoming affordable in 2023, as predicted by the housing market? 

By NAZIA | 13/3/2023

In the first month of 2023, the trend of falling mortgage rates that had some potential buyers returning to the market has ended—at least temporarily.

In response, the decline in housing prices has continued. Many analysts are divided, though, as to how much further home values will fall this year.

Experts Prediction 

As we move through the first half of 2023 since it is still being pulled in many different directions by factors like high inflation, high interest rates, persistent geopolitical uncertainty, and recession fears etc 

Forecast for Housing in 2023 

Since 2008, the number of new homes being built fell dramatically, there has been an issue with low housing inventory. In 2023, it won't have fully recovered.

Stuck Housing Supply  

In contrast to earlier downturns, the housing supply has remained stuck at close to historic lows, supporting demand and maintaining higher home prices.

As Per NAR 

According to NAR, inventories have a 2.9-month supply at the current sales rate. This number increased from 1.6 months a year ago, but it is unchanged from December.

Will the Housing market collapse.!? 

The housing market is more likely to correct itself from the double-digit percentage rises seen in home prices the past few years rather than crash.

Stable home prices  

Home prices will remain stable in most of the nation's regions with only a slight shift in the median home price, according to Yun.

Increase Home Prices At Some Places 

The housing market predicts that some areas may experience an increase in home sales and prices. 

Any Foreclosures in 2023? 

With the gradual increase in foreclosures that followed the Covid-19 foreclosure moratorium's expiration in September 2021.

Foreclosure Report 

The Year-End 2022 U.S. Foreclosure Market Report from ATTOM Data shows  that the number of foreclosures was 34% lower in 2022 than it was in 2019.

When to purchase a house.!? 

Homes are typically the biggest single investment that a person will make in their lifetime, therefore it's important to have a strong financial foundation.

Budget Making  

The quantity of homes available for purchase has increased slightly, but prices are still high, and mortgage rates are almost 7%.

Selling Advice 

A good realtor will work closely with you to establish a fair asking price for your house while addressing inquiries