Home Prices Expected to See a Slight Decline

Realtor 2023 Forecast Update

Date:

Autor: Funds Society, Miami

The total number of home sales is likely to be at its lowest point since 2012

Home prices have been supported by persistent underbuilding relative to household growth over the last decade, but low affordability has had an outsized impact on demand

As inflation is expected to cool gradually, we expect that mortgage rates will start to do the same beginning mid-year and nearing 6% by the end of the year. For the year as a whole, the cost of a mortgage is expected to be up 10.5% compared to 2022