Most economists are forecasting home-price appreciation to slow, with others predicting deeper price drops.
“Rates are still rising, and will continue to rise here on out,” Christine Cooper, chief U.S. economist and managing director at CoStar Group, told MarketWatch in an interview.
But with home prices continuing to be elevated, that has really hurt affordability, she added, and pushed buyers out, which will hurt home sales. “What we’re hearing from the sellers’ side is that they definitely feel nervous that they’ve seen demand fall off,” Wolf said. They’re saying “It’s not just a couple months, this may be a prolonged slowdown in the housing market,” Wolf said.
“Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough,” he added. “Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.” — Mark Zandi, chief economist of Moody’s Analytics, on the expected fall in house prices Ivy Zelman, CEO of Zelman & Associates, expects national home prices to fall 4% in 2023, and 5% in 2024.
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