Home Sales Plummet in 2022: What Will Likely Happen in 2023?

Home sales fell in 2022 to their lowest level since 2011 as high mortgage rates caused less people to be able to buy a house. While some of the housing prices in 2022 were inflationary and will likely stay, there is downward pressure because of 30 year mortgage rates being near highs for the last 15 years.

2023 should see the housing market stabilize as interest rates either moderate or drop and buyers come back into the market. As long as home sellers don’t all decide to dump their houses at the same time, home prices are expected by economists to do anything from drop 15% to go up 5%, with the median estimate to drop about 7% during 2023 and 2024 combined.

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