Home Price Forecasts Revised for 2023
| In a world filled with negative headlines and projections, our latest blog sheds light on the remarkable performance of home prices this year. We’ve stacked the original 2023 Home Price Forecasts (as of late 2022) against the most recent revisions to these forecasts, revealing a surprising trend – even the experts acknowledge they got it wrong. Home prices exceeded all expectations and should be flat or positive this year (not fall). |
Some Highlights
- Last year, some housing experts projected a decline in home prices by the end of 2023. But that didn’t happen – inventory was just too low.
- While it’s normal for experts to re-forecast throughout the year, the good news for 2023 is that prices are no longer projected to decrease.
- Let’s connect so you know what’s happening with home values in our local area.
Sources
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-dec-2022.pdf
- https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/2023/mortgage-finance-forecast-aug-2023.pdf
- https://www.fanniemae.com/media/45801/display
- https://www.fanniemae.com/media/48726/display
- https://twitter.com/NewsLambert/status/1671900591113609216 (Morgan Stanley)
- https://twitter.com/NewsLambert/status/1671556169712672768 (AEI)
- https://www.zillow.com/research/data/
- https://www.zillow.com/research/housing-market-challenges-32923/
- https://ustoday.news/a-20-drop-in-house-prices-7-forecast-models-tend-to-crash-here-the-other-13-models-show-the-housing-market-in-2023/ (Wells Fargo)
- https://twitter.com/NewsLambert/status/1686959362563092480 (Wells Fargo)
- https://twitter.com/NewsLambert/status/1691799764466008217 (Goldman Sachs)
- https://pulsenomics.com/surveys/#home-price-expectations
- https://www.corelogic.com/intelligence/us-corelogic-sp-case-shiller-index-down-by-0-5-year-over-year-in-may-but-a-turning-point-may-be-ahead/
- https://view.e.fanniemae.com/?qs=