The housing market has seen a lot of change recently, much of it due to how quickly mortgage rates rose last year. According to experts, the housing market is expected to make a full recovery by 2023. The market’s rebound is reportedly due to the end of the pandemic, the release of pent-up demand, and increased consumer confidence. As the economy rebounds, people will have more money to spend and will likely be interested in buying homes. This should lead to increased demand for housing, which will help drive up prices. Additionally, the current low mortgage rates should make purchasing a home more attractive and accessible.

As we approach 2023, there are signs that things will begin to improve. The recent frenzy in home price appreciation has slowed, mortgage rates are falling, inflation is easing, and overall market activity is beginning to pick up. This is all good news for the housing market this year. Here's what the experts have to say.

Cristian deRitis, Deputy Chief Economist, Moody’s Analytics:

“The current state of the housing market is that it is certainly in transition.”

Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School:

“Housing is going to ease up. I think 2023 will be a turnaround year.”

Lawrence Yun, Chief Economist, National Association of Realtors (NAR):

“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.”

Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB):

“. . . 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.”

Bottom Line

If you're planning to relocate this year, a rebound in the housing market could be just what you've been looking for. Let's get together to discuss the latest trends in our area.