MORTGAGE RATES & HOME PRICES?

NOW THAT THE END OF 2022 IS WITHIN SIGHT, YOU MAY BE WONDERING WHERE THE HOUSING MARKET IS HEADED IN 2023.

The Current Market

While elevated rates, sluggish sales activity, and high inflation have taken a toll, it’s unlikely home prices will drop next year. In fact, we may see a further uptick; home prices are holding steady for most parts of the country since inventory is extremely low.

Mortgage Rates Will Continue to Respond to Inflation

Housing inventory is about a quarter of what it was in 2008, with distressed property sales at just 2% and nowhere near the 30% mark seen during the crash. The October consumer price index showed inflation rising less than expected, which may be a sign of rates topping out at 7%.

Predictions for 2023 and Beyond

Home sales are expected to decline by 7% in 2023, while the national median home price will increase by 1%. However, 2024 is expected to result in a strong rebound, with a projected increase of 10% in home sales and a 5% increase in the national median home price. Prices should hold firm or marginally grow.

Plenty of potential buyers are still patiently waiting to enter the market. Talking with me to develop a plan to stay ahead of the curve will result in the best sale possible. Call me today at (303) 990.2229 to get the conversation started.

Landin Smith

ABR, e-Pro, SFR, GMA, REALTOR® Westridge Glen Expert and Former Resident

RE/MAX Professionals

(303) 990.2229

LandinBSmith@remax.net www.WestridgeGlenHomes.com

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