What Experts Are Saying About the 2023 Housing Market
The national housing market has gone through a lot of change recently, and much of the change had to do with how quickly mortgage rates rose in 2022.
As we move through 2023, there are signs the housing market is going to make a shift. Home price appreciation is slowing, mortgage rates are coming down, inflation is easing, and overall market activity is starting to pick up. These changes are great news for the Kansas City and national housing markets 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.”
If you’re thinking about making a move this year, a shift in Kansas City real estate could be what you need. Let the Just Say Home KC Team guide you in the Kansas City real estate market. Give us a call at 816-656-2816.