Home Affordability Improving: Home Prices and Mortgage Rates Improving

Is home affordability dropping? Home affordability is no longer getting worse. Lower interest rates and lower home prices have caused the affordability of homes to increase substantially over the last few months.

The housing market today is starting to recover and moderate and the forecast for 2023 looks like home prices will rise in some markets like Florida and drop in markets like California. There is no longer a change there will be a housing crash and the housing bubble never materialized as predicted. The outlook for housing going into 2024 as well looks like real estate will recover despite the chance of a recession in 2023.

Our forecast for the real estate market for 2023 is that prices will find equilibrium and potentially be higher in 2023. Home rental prices will likely also be up in 2023 as home rental affordability also declines or matches inflation.

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