Home prices will tick up 0.3% to $385,800 next year from an estimated $384,500 this year, said Lawrence Yun, the chief economist at the National Association of Realtors.
U.S. existing-home prices will remain stable in 2023 despite a second straight annual decline in sales, predicted Lawrence Yun, the chief economist at the National Association of Realtors, in his annual forecast released on Tuesday.“Half the country may experience small price gains, while the other half may see slight price declines,” Yun added.
Yun says he expects the 30-year fixed mortgage rate to hit 7% by the end of this year and then settle back down to 5.7% as the Fed slows the pace of rate hikes needed to control inflation.
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