Thinking about making a move in the real estate market? If the recent chatter about home prices taking a nosedive this year has left you uneasy, it's time to put your worries to rest. Let's look at the data and insights from experts to reassure you: home prices are not plummeting; in fact, they are poised to finish the year on a strong note.

Despite the rumors of a 5%, 10%, or even 20% drop in home prices, that scenario hasn't materialized. The primary reason behind this is the strikingly low supply of homes available for sale. With more eager buyers in the market than there are homes up for grabs, prices have remained stable.

To dispel any doubts about the state of home prices this year, let's delve into the 2023 forecasts provided by several experts in the field.

Most Experts Project Positive Home Prices for 2023

Industry experts are in agreement: home price appreciation is expected to be positive for the year 2023. The chart below showcases the year-end forecasts for 2023 from six different reputable organizations:

As you can see, all but one of these forecasts predict a net positive gain in home prices for the year. This consensus among experts signals a robust outlook for home price growth.

If you're still concerned about the one projection showing a slight decline, consider this: the National Association of Realtors (NAR) foresees only a modest drop. It's far from the dramatic crash that was sensationalized in headlines. Furthermore, when you average out all six forecasts, the collective expectation is approximately 3.3% positive growth for the year.

And if the assurance from these six organizations isn't enough, here's another compelling factor to ponder. One of these forecasts is the Home Price Expectation Survey (HPES) by Pulsenomics. It compiles insights from over 100 economists, investment strategists, and housing market analysts. The HPES reveals an average of 3.3% price growth for the year based on the collective wisdom of these experts.

Looking back at the graph above, you'll notice that the blue average line for these forecasts is also at 3.3%. While individual forecasts may vary slightly, both the HPES survey and the average of these forecasts align in projecting positive growth. A 3.3% appreciation is a far cry from prices heading downhill.

In Conclusion

If concerns about falling home prices have been plaguing your thoughts, it's time to trust in the experts. Based on the latest forecasts, you can rest assured that home prices are on track for positive growth this year. If you're curious about the specific trends in home prices within our local area, don't hesitate to reach out. We're here to provide you with the insights and guidance you need for your real estate decisions. Let's connect and discuss your unique situation.