“Get ready for one hell of a hangover.” Writes Ronda Kaysen in the New York Times about the upcoming 2023 housing market.
So what can we expect in 2023?
- Prices. Nationally predictions are all over the place. However, price movements are going to vary big time depending on where you are. “Markets like San Francisco, Phoenix and Las Vegas might see noticeable price drops, while other markets, like Chicago, Milwaukee and Pittsburgh, could see prices rise.”
- Mortgage Rates. This is heavily dependent on what happens with inflation and the Fed’s response. However, based on some positive movement Kaysen writes, “Some real estate economists are projecting that mortgage rates will start to fall sometime in 2023, perhaps by the second half of the year.”