Experts Forecast a Turnaround in the Housing Market in 2023
The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.
Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying.
“The current state of the housing market is that it is certainly in transition.”
“Housing is going to ease up. I think 2023 will be a turnaround year.”
“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.”
“. . . 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.”
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.
Stay up to date on the latest real estate trends.
You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?” But here’s the thing, no one knows for sure whe… Read more
The Federal Reserve’s interest rate cuts in 2024 provided some relief to some borrowers, but mortgage rates have remained stubbornly high. As of January 2, 2025, the a… Read more
The 2024 housing market looked progressively healthier with each passing month until Q4. The promising build in inventory during the first nine months of the year was … Read more
Experts are forecasting rates could settle in the mid-to-low 6% range by the end of the year.
Elevated mortgage rates dominated the housing market in 2024, and 2025 may look similar if inflation starts to ramp up again.
Median home prices rose slightly in November, which is normal for the East Bay this time of year.
While you may be tempted to wait for rates to fall, it’s really hard to try and time the market — there’s just too much that can have an impact. Instead, set yourself … Read more
The median single-family home price rose 7.7% month over month, while condo prices increased 9.2%. We expect prices to contract over the next three months, which is th… Read more
Months of Supply Inventory still indicates a sellers’ market in the East Bay for single-family homes, but for condos, MSI implies the market now favors buyers.
You’ve got questions and we can’t wait to answer them.