What’s in store for this winter’s real estate market?
Will mortgage interest rates rise further? Is it anticipated that the continuous decline in property prices will continue? Is a crash in the housing market likely? We contacted a number of specialists to gather their estimates for the housing market in late 2022 and early 2023. By the way, while you’re reading you can use my mortgage calculator to estimate your costs.
We are closing in on the end of the year and the change from autumn to winter is drawing near. This makes it the ideal moment to predict how the real estate market will develop over the course of the upcoming year and into early 2023.
Home prices and market trends in recent housing market updates:
The housing sector is clearly in a decline overall. In June 2022, when the S&P Case-Shiller U.S. National Home Price Index exceeded 318 points and the median existing-home price for all housing types hit a fresh high of $416,000, home prices nationwide peaked. The most recent listing puts the index at roughly 303 points, and since then, the median price of an existing property sold has fallen to $379,100.
Mortgage interest rates have been steadily rising, which is a significant factor. The Federal Reserve’s intention to hike rates many times in 2022 is one of the factors driving this trend. The Fed raised interest rates for the sixth time in a row at its meeting in November. In an effort to stop inflation, rates have been aggressively increased, and the real estate market has suffered as a result. Rising mortgage rates result in decreased home buyer interest and increased pressure on sellers to lower their asking prices.
Predictions for the housing market and inventory this winter:
There are still homes available for purchase despite the current market’s low inventory levels, provided you’re willing to deal with the volatile rate and price swings. Here is how some business experts believe the winter season will pan out. Get in touch with me directly so my team can better assist you in finding the perfect home this Winter of 2022.