Home News U.S. will turn into a buyers’ housing marke in 2023, most experts say. Here’s where you’ll see the biggest declines.

U.S. will turn into a buyers’ housing marke in 2023, most experts say. Here’s where you’ll see the biggest declines.

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Unhappy with the housing market? Housing experts say they expect the market to return to the buyer’s court by 2023, according to a new report.

home loan interest rate close to 7%but house prices are come back slowly When stock is still tight compared to pre-pandemic levels.

Still, the U.S. housing market will shift in favor of homebuyers by the end of 2023, 44% of 107 economists and housing experts say Investigated by real estate firm Zillow said for its house price forecast survey.

And 12% of these professionals believed the transition would happen sooner, i.e. within this year.

However, about 45% of experts surveyed by Zillow say buyers will have to wait and expect the market to turn in favor of buyers from 2024 onwards.

All survey respondents expect home prices to slow in 2023.

The US housing market will shift in favor of homebuyers by the end of 2023. That’s according to his 44% of 107 economists and housing professionals surveyed by real estate firm Zillow.

There are also some signs that price pressure is emerging. The median US resale home price in August was $389,500 for him, down from $403,800 the previous month. The National Association of Realtors said.

Most of the housing professionals surveyed by Zillow say the markets most likely to see home price declines over the next year include pandemic boomtowns such as Boise, Austin and Raleigh. His 77% of surveyed professionals expect a decline in those cities. They confirmed a significant increase in sales early in the coronavirus pandemic.

Another real estate broker, Redfin, said: sunbelt homebuyers Home purchase contract cancellation rates are among the highest compared to the rest of the country.

Most of the housing professionals surveyed by Zillow point out that the markets most likely to see home price declines over the next year include pandemic boomtowns such as Boise, Austin and Raleigh.

Markets least likely to see home price declines over the next year include Midwest cities such as Columbus, Indianapolis and Minneapolis, according to Zillow. Only 36% of his respondents expected house prices in these areas to fall over the next 12 months.

Respondents added that demand is also expected to remain strong in some southern markets, such as Atlanta, Nashville and Charlotte. Only 44% said they were likely to see home prices fall.

But with either mortgage rates or home prices making it difficult to buy a home right now, all potential buyers are stuck renting and expect rents to continue to rise. said Zillow.

Zillow also expects rent growth to outpace inflation, stocks and home prices over the next 12 months.

Monthly mortgage payments for homes priced at the typical homebuyer’s average asking price have risen from $337 to $2,547 in the past six weeks alone. Redfin pointed out — 15% jump.

That’s a 50% increase from a year ago when interest rates were 3.01%.

Thinking about the housing market? Write to MarketWatch reporter Aarthi Swaminathan ([email protected]).

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