What does 2023 have in-store for the housing market? Keep reading to find out what the experts are predicting.
Many of the most respected industry watchers are predicting that mortgage rates will continue to come down in 2023. The Mortgage Bankers Association (MBA) and the National Association of Realtors® (NAR) both are forecasting that mortgage rates come down throughout the year, and finish 2023 in the mid-5% range. Fannie Mae and Freddie Mac take less optimistic views, seeing rates hovering in the high-6% range and finishing the year near 6.2%-6.5%.
Good news for homebuyers: Redfin is predicting the first year over year price decline a decade.
Housing prices are expected to remain fairly stable in 2023. Zillow stated that Charlotte, NC will host the hottest housing market this year. Fun fact: Charlotte is home to Denscty Collective offices!
Zillow's analysis looked at factors such as new home builds and home-value growth. In order of hottest to coolest market, Zillow also nominated Cleveland, Ohio; Pittsburgh, Pennsylvania; Dallas, Texas; Nashville, Tennessee; Jacksonville, Florida; Kansas City, Kansas; Miami, Florida; Atlanta, Georgia; and Philadelphia, Pennsylvania.
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