Nationally, It has been speculated that home prices would crash this year, but prices aren’t in a downward spiral and may actually finish the year strong. This is mainly due to the supply of homes for sale being too low. There are just more buyers looking to buy than homes available and that’s kept prices from falling.
Most Experts Project Home Prices Will Net Positive this Year
The general consensus from industry experts is that home price appreciation will actually be positive for 2023. The graph below shows the latest 2023 year-end forecasts from six different organizations:
The majority of experts are optimistic about home price growth.
The projection from the National Association of Realtors (NAR) is for a slight decline and if you average all six forecasts together, the expectation is that prices will net somewhere around 3.3% positive growth for the year.
One of the six forecasts represented in the graph is the Home Price Expectation Survey (HPES) from Pulsenomics. It combines survey results from over 100 economists, investment strategists, and housing market analysts. The HPES found that the average from all 100 of those experts is 3.3% price growth for the year.
While individual forecasts may vary, both the HPES survey and the average of these forecasts predict positive growth.
Gena Glaze
Discover more from Real Estate Matters in Charleston SC - Gena Glaze
Subscribe to get the latest posts sent to your email.
Real Estate Matters in Charleston SC - Gena Glaze 