Some Highlights
- Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
- While it’s normal for experts to re-forecast throughout the year, the good news for 2023 is that prices are no longer projected to decrease.
- Connect with your trusted real estate agent to find out what’s happening with home values in your local area.
Sources
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-dec-2022.pdf
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-aug-2023.pdf
- https://www.fanniemae.com/media/45801/display
- https://www.fanniemae.com/media/48726/display
- https://twitter.com/NewsLambert/status/1671900591113609216 (Morgan Stanley)
- https://twitter.com/NewsLambert/status/1671556169712672768 (AEI)
- https://www.zillow.com/research/data/
- https://www.zillow.com/research/housing-market-challenges-32923/
- https://ustoday.news/a-20-drop-in-house-prices-7-forecast-models-tend-to-crash-here-the-other-13-models-show-the-housing-market-in-2023/ (Wells Fargo)
- https://twitter.com/NewsLambert/status/1686959362563092480 (Wells Fargo)
- https://twitter.com/NewsLambert/status/1691799764466008217 (Goldman Sachs)
- https://pulsenomics.com/surveys/#home-price-expectations
- https://www.corelogic.com/intelligence/us-corelogic-sp-case-shiller-index-down-by-0-5-year-over-year-in-may-but-a-turning-point-may-be-ahead/
- https://view.e.fanniemae.com/?qs=
Shea Merritt is a licensed New Jersey real estate agent with eXp Realty, working with buyers and sellers across Middlesex, Monmouth, and Ocean counties. He grew up in Old Bridge. He writes here about the arithmetic behind a move: what a house would actually bring today, what the tax line does to a monthly payment, and how to compare offers on their terms rather than on the top number. If you are weighing a sale or a purchase, send him the address and he will run the numbers on it.