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U.S. will turn into a buyers’ housing marke in 2023, most experts say. Here’s where you’ll see the biggest declines.
Frustrated by the housing market? Housing experts say they’re expecting the market to tip back into buyers’ court by 2023, according to a new report. Mortgage rates are approaching 7%, but home prices are only slowly coming back down and inventory is still tight compared to pre-pandemic levels. Still, the U.S. housing market will shift in favor of home buyers by the end of 2023, 44% of 107 economists and housing experts polled by real-estate company Zillow for its Home Price Expectations Survey said. And 12% of these experts believed that shift will happen sooner — that is, this year. Yet roughly 45% of experts surveyed by Zillow say buyers…
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These 210 housing markets are now vulnerable to 20%-25% home price declines, finds latest Moody’s downgrade
Favorable millennial demographics. Tight housing inventory. Low unemployment. That’s why housing bulls said the Pandemic Housing Boom had more room to run. Moody’s Analytics chief economist Mark Zandi, of course, disagreed. Back in May, Zandi came to Fortune with a bold proclamation: The Pandemic Housing Boom had peaked and we were entering into a “housing correction.” A housing correction being a period where the housing market—which got priced to 3% mortgage rates—would work towards equilibrium. It’d see home sales volumes fall sharply. It’d also, Zandi said, put much of the nation at risk of a home price corrections. Fast forward to September, and it looks like Zandi’s housing correction call…
