Housing Demand Might Be At The BOTTOM: 2023 Housing Market Update
Home demand might be hitting bottom as interest rates have declined more than 1% in the last 2 months, the fastest interest rate decline in decades. 2023 is starting the year with a boom as any chance of a housing crash has been neutralized with growing demand and lower interest rates. Home affordability has also improves as both home prices have fallen and mortgage rates have risen.
It is estimated that home prices will fall a total of 10% nationally, with areas in California and Las Vegas having higher than average price declines, possibly 15-20% total.