Declines are expected both for house prices and sales as mortgage rates stay high, the California Association of Realtors forecast.
For years, priced-out homebuyers sat on the sidelines, praying for a market reversal to bring housing costs down from the heavens.Home prices and sales both are projected to drop in 2023, according to a new California Association of Realtors forecast released today.
House sales, meanwhile, are forecast to decrease 7.2% next year to 333,400 transactions. That would be the lowest number of house sales since the housing bubble burst in 2007. And this year’s projected tally of 359,200 sales would be the second lowest since then. To be sure, the state Realtor outlook is far less gloomy than in 2009, when home prices were down 51% from the market peak.
“High inflationary pressures will keep mortgage rates elevated, which will reduce buying power and depress housing affordability for prospective buyers in the upcoming year,” CAR Chief Economist Jordan Levine said in a statement. “As such, housing demand and home prices will soften throughout 2023.”
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