Home Sales Fall to Record Low: Largest Decrease of Home Sales in Decades

Home sales have fallen to the lowest level in decades as high interest rates and lack of housing inventory has reduced the number of sales dramatically. Despite the reduction in people buying houses, home prices went up nationally 1.3% in the US from December. Home prices have risen despite higher mortgage rates.

The prediction for the rest of 2023 is that home prices will stay the same in most markets. In some markets like Boise and Austin they are more likely to fall than rise. In Las Vegas they will likely stay the same with a potential for them to fall. Over the next 5 years it is unlikely to have a big decline in the US housing market unless some major economic event happens.

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