Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?

The spring homebuying season of 2023 is expected to be a dud due to persistently high mortgage rates, tight inventory issues, and an impending recession. The median existing-home sales price has declined for the second consecutive month, which is a promising sign for home shoppers, but substantial nationwide price declines are unlikely. The Federal Reserve voted to raise its key interest rate, which has put a strain on the housing market, and total existing-home sales have dipped 22% from a year ago. Multiple offers on starter homes are common, indicating a need for more supply, making it a unique housing market. The outlook for the