Experts Forecast a Turnaround in the Housing Market in 2023

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 The housing market has gone through a lot of change recently, and much of that was a result of how quickly mortgage rates rose last year.

 Now, as we move through 2023, there are signs things are finally going to turn around. Home price appreciation is slowing from the recent frenzy, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. All of that’s great news for the housing market this year. Here’s what experts are saying. 

 Cristian deRitis, Deputy Chief Economist, Moody’s Analytics: 
“The current state of the housing market is that it is certainly in transition.

” Susan Wachter, Professor of Real Estate and Finance, University of Pennsylvania’s Wharton School: “Housing is going to ease up. I think 2023 will be a turnaround year.”

 Lawrence Yun, Chief Economist, National Association of Realtors (NAR): “Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that the worst in home sales is probably coming to an end.”

 Robert Dietz, Chief Economist and Senior Vice President, National Association of Home Builders (NAHB): “. . . it appears a turning point for housing lies ahead. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.” 

 Bottom Line If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Work with a local real estate professional to learn about the latest trends in your area. To learn more about the Prescott, Arizona real estate market contact Michael Eastwood CEO of West USA Realty of Prescott at 928-636-1500 or visit us at www.westusaofprescott.com Mike will introduce you to one of his professional real estate agents. If you like to search on your own our website has an IBX program to search for homes or stop by and visit us at West USA Realty of Prescott 231 N Marina St Prescott. AZ 86301. (Each office is Independently owned and operated) #Prescottrealestate #Prescotthomes #Prescottland #Prescottvalleyrealestate #Prescottvalleyhomes #Prescottvalleyland #Chinovalleyrealestate #Chinovalleyhomes #Chinovalleyland #Arizonarealestate #Arizonahomes #realestate #homes #prescott #chinovalley #Prescottvalley #buyers

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