The Latest Updates to the Housing Market

The housing market has been on a wild ride in recent years. After a sharp decline in 2020 due to the COVID-19 pandemic, prices have rebounded strongly, with some markets seeing double-digit gains. But with interest rates rising and the economy showing signs of slowing, some experts are predicting a slowdown in the housing market in 2023.

So, what can you expect in the housing market for the rest of 2023? Here are a few things to keep in mind: 

• Prices will continue to rise, but at a slower pace - While prices are still expected to rise in 2023, the pace of growth is expected to slow. This is due to a number of factors, including rising interest rates, a cooling economy, and an increase in inventory.

• Inventory will increase - After a sharp decline in inventory in 2020 and 2021, inventory is expected to increase in 2023. This is due to a number of factors, including builders increasing production, more homes coming onto the market, and buyers becoming more selective.

• Mortgage rates will rise - Interest rates have been rising in recent months, Will this change with the recent banking industry challenges. Economist are now expecting a small increase at the next Fed Meeting and then no further increases this year.

• The housing market will remain competitive.** The housing market is still expected to be competitive in 2023. This is due to a number of factors, including low inventory, strong demand, and rising prices. 

Overall, the housing market is expected to remain strong in 2023, but the pace of growth is expected to slow. Buyers should be prepared to act quickly and be willing to pay a premium for a home.

 Greeson Construction