Are home prices finally becoming affordable in 2023, as predicted by the housing market?
By NAZIA | 13/3/2023
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
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.
In contrast to earlier downturns, the housing supply has remained stuck at close to historic lows, supporting demand and maintaining higher home prices.
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.
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.
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.
The housing market predicts that some areas may experience an increase in home sales and prices.
With the gradual increase in foreclosures that followed the Covid-19 foreclosure moratorium's expiration in September 2021.
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.
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.
The quantity of homes available for purchase has increased slightly, but prices are still high, and mortgage rates are almost 7%.
A good realtor will work closely with you to establish a fair asking price for your house while addressing inquiries