Will Home Sales Increase in 2023? Housing Market Recovering Quickly

Home sales are increasing over the last few months with December 2022 having a substantial number of homes sold for the first time in months. 2023 is lining up to be a much better year for total home sales than the last half of 2022 was. Home prices are also forecast to go up in specific markets and moderate around the country.

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.

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