Zillow just released a major home price forecast that changes what most Americans thought would happen in 2023. Since even before the new year began, economists and housing market experts predicted home prices to correct throughout 2023, ending with a negative year-over-year price difference. But now, that’s not looking all that accurate as Zillow, CoreLogic, Goldman Sachs, and other heavy-hitter institutions are revising their housing price predictions.
Even Dave Meyer, BiggerPockets VP of Data and Analytics, had to update his own 2023 forecast with more padding on the positive side. But what’s causing the real estate market to rebound? Weren’t home prices supposed to correct as mortgage rates went up? Well, that’s what was SUPPOSED to happen, but it didn’t. Instead, a tight battle between supply and demand occurred as buyers and sellers faced a stalemate.
So what happens next? And what could cause home prices to rise or fall? Dave gets into all the data behind these forecasts so you can know the market moves before they happen!
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2023 Housing Market Predictions: How Low Will Home Prices Go?
2023 Housing Market Predictions: How Low Will Home Prices Go?
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Data Used in This Video:
Mortgage Purchase Index: https://tradingeconomics.com/united-states/mba-purchase-index
Home Sales: https://www.redfin.com/us-housing-market
New Listings: https://www.redfin.com/us-housing-market
Consumer Spending: https://tradingeconomics.com/united-states/consumer-spending
GDP Growth: https://tradingeconomics.com/united-states/gdp-growth
Unemployment Claims: https://tradingeconomics.com/united-states/continuing-jobless-claims
Consumer Spending: https://tradingeconomics.com/united-states/consumer-spending
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00:00 BIG Home Price Prediction
02:40 There Are NO Houses for Sale!
05:56 Solid Economic Signs
09:22 What Happens Next?