The latest expert forecasts for home prices in 2023
Are you considering moving? You may be feeling a little nervous about your decision because of all the speculations that home prices will crash this year. Let the experts and data reassure you. Prices are not in a downward spiral, and will finish the year strong. The main reason is that there are not enough homes for sale. The majority of industry experts believe that home prices will increase in 2023. The graph below shows six different organizations’ latest 2023 year end forecasts: As you can see, except for one, all of them project that prices in the United States will be positive this year. This is significant because it shows that the majority of people are optimistic about home prices. The National Association of Realtors’ (NAR) projection is for a slight decrease. It’s not as bad as the headlines suggested. If these six organizations aren’t convincing enough, consider this: if you average the six forecasts, you can expect prices to grow by around 3.3% for the entire year. Pulsenomics’ Home Price Expectation Survey is one of the six forecasts shown in the graph. It combines survey responses from over 100 economists and housing market analysts. If you look at the graph, you will see that the blue average of the forecasts is also 3.3%. The HPES survey, as well as the average of all forecasts, provide the same projection. Bottom LineIf you are worried that home prices will fall this year, let our experts reassure you. According to the average of the most recent forecasts, home values will actually grow this year. Connect with a real-estate agent if you have any questions about the home prices in your locality.
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