Will Home Sales Increase in 2023? Housing Market Recovering Quickly
Mortgage rates forecast for 2023 is that they will be between 5.5% and 6.5% through most of 2023. This prediction was by National Association of Realtors chief economist Lawrence Yun. A recession isn’t likely to put much of a damper on home sales, since the inventory of homes is very low right now and new home builders aren’t building enough supply of houses to sell.
Our predictions are that home prices will be flat in 2023 and inventory will be low in the spring that there will be multiple offers on homes in the lower price ranges. Especially since rents are forecast to rise in 2023.