Expert panel forecasts normalized market
Zillow released its annual Home Price Expectations survey on Thursday. The economists and housing market experts surveyed expect home prices to bottom out in 2023 and then grow in 2024.
Here are the survey's key takeaways:
- Home prices are predicted to fall by 1.6% in 2023 and then grow by an average of 3.5% over the next four years.
- Sales of both new and existing single-family homes are expected to slide in 2023, with new home sales dropping to near-2016 levels.
- 63% of the experts said that Q1 will have the highest mortgage rates, with the median respondent projecting a 6% rate by the end of 2023.
The market’s normalizing, and regardless of who’s making the prediction, we’re not letting that deter us. We read these, take in the information, and move forward.
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