Every buyer wants to get the most home for their money. That's why demand spikes any time mortgage rates fall. We all want to get the best deal possible, and according to a newly updated 2023 forecast from the National Association of Realtors' consumer website, our chances may be improving.
Danielle Hale, the website's chief economist, says affordability has been challenging so far this year. “The housing market has really seen a double whammy in 2023, with retrenchment in the number of homes for sale coupled with still-high prices and mortgage rates that have kept both first-time and repeat buyers on the sidelines,” Hale said.
But while conditions have been challenging during the first half of the year, they should start to calm during the second half of 2023. For one, home prices are expected to remain mostly flat. The website's forecast calls for prices to fall just 0.6 percent this year. Mortgage rates are also expected to slow as the year progresses, with the updated forecast calling for rates to gradually ease as inflation cools. That means improving affordability conditions for home buyers and a calmer, slightly more affordable housing market in the months ahead.
[Source]
