The real estate market shift has hit some REALTORS® hard, but there was reason for optimism at the NAR NXT conference in Orlando, Florida, in November 2022. Lawrence Yun, NAR’s chief economist, expects home prices to rise slightly and sales to dip in 2023, only to rebound the following year.
Yun predicted that home sales in 2022 would be down 15% year over year, then fall another 7% in 2023 before rising 10% in 2024. Home prices at the end of 2022 would be up 10% year over year, rise just 1% in 2023 and then jump 5% in 2024.
This equates to a “strong rebound” in 2024, according to Yun. “The prices will be mostly stable across the country [in 2023], meaning that half of the country will see minor price gains, and the other half will see minor price declines,” Yun said. “Then in 2024, population, demography and the long-term path looks bright … everything should be in a better situation.”
Read more of Yun’s market analysis at bit.ly/NAR-Market-Forecast.
Photo: iStock.com/Vertigo3d
