![]() With heightened activity continuing into 2021 as mortgage rates hit their all-time low at the start of the year, existing home sales registered their highest level in the prior 15 years, totaling 6.12 million. In 2020, the initial pause in housing market activity in response to the pandemic gave way to an incredibly active off-season, resulting in an annual tally of 5.64 million existing homes sold–above the pre-pandemic range, but still well below the above 6.5 million pace seen in some of the most frenzied months. By 2015, existing home sales totaled 5.25 million and in the subsequent four years the annual total fluctuated modestly between 5.25 and 5.51 million homes sales. In 2013, the annual tally for existing home sales finally surpassed 5 million after 5 years below that threshold following the unwinding of the housing boom of the mid-2000s. Single-Family Home Housing Starts (Y/Y | Annual) ® 2023 Forecast for Key Housing IndicatorsĢ022 ® Housing Data ExpectationsĮxisting Home Median Price Appreciation (Y/Y) Consumers who are ready for the challenge will need up-to-date information on market conditions, creativity and flexibility to adjust, and a healthy dose of patience in order to create success. The 2023 housing market could become a “nobody’s-market,” not friendly to buyers nor to sellers. If home shoppers and sellers have unrealistic expectations, they could find themselves in a stale-mate in the year ahead. Instead, home shoppers will enjoy advantages such as a growing number of homes for sale, but costs will remain high, challenging affordability at a time when overall budgets continue to be squeezed. ![]() But with mortgage rates continuing to climb as the Fed navigates the economy to a soft-ish landing, a moderation in home price growth will not be enough for the housing market to be a buyer’s bonanza. The slowdown in home sales transactions that began as mortgage rates surged in 2022 is expected to continue, leading to a moderation in home price growth and tipping housing market balance away from sellers. After being overwhelmed in the housing frenzy of the recent past, homeowners, sellers, buyers, and renters may be underwhelmed in 2023.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |