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A Look at the 2023 Housing Market

While nobody has a crystal ball to see the future of the housing market in 2023, there are some trends and indicators to keep track of.  Here are some predictions for the 2023 housing market from industry experts.  You can click on the links provided, for additional housing market data and information for 2023.

U.S. News & World Report

According to real estate economist and contributing writer to U.S. News & World Report, Patrick Duffy, supply, demand and interest rates will not surprisingly, impact the housing market in 2023.   Here are some takeaways from Duffy’s research.

National Association of Realtors

The NAR is forecasting existing home prices to remain stable in 2023, even as the number of sales of existing homes decline, down 6.8% compared to 2022.  The median home price is expected to only increase by 0.3% in 2023, raising the median home price to about $385,800, compared to a 9.6% gain in 2022, where the median price was $384,500.   Economists also predict that mortgage foreclosure rates will remain at historic lows in 2023, with less than 1% of all mortgages in default.   Rent prices, says the NAR, are expected to increase by 5% in 2023, compared to a 7% in rent prices in 2022.

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