The housing market is expected to recover in 2023, according to analysts.

The housing market is expected to recover in 2023, according to analysts.
Housing Market Recovery Predicted for 2023, Says Experts 

The rapid increase in mortgage rates over the past year has had a significant impact on the housing market, which has undergone significant shifts in recent years.

As we move into 2023, there are indications that the situation will improve. Recent fervor in home price appreciation has slowed, mortgage rates are falling, inflation is moderating, and market activity is on the rise. The housing market should benefit greatly from all of that this year. Here are the opinions of those in the know.

Quote from Cristian deRitis, Deputy Chief Economist at Moody's Analytics:
“The current state of the housing market is that it is certainly in transition.”

The Wharton School of the University of Pennsylvania's Susan Wachter, a professor of real estate and finance:
“Housing is going to ease up. I think 2023 will be a turnaround year.”

Economist in Charge at the National Association of Realtors (NAR) Lawrence Yun:
“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

National Association of Home Builders (NAHB) Chief Economist and Senior Vice President Robert Dietz:
“. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”

Overall Conclusion
In case you've been considering a move, this year might be the perfect time because the housing market has recently begun to show signs of improvement. Get in touch so we can talk about what's happening now in our area.