What the Housing Market Will Look Like by the End of Spring 2023 | Gobankingrates.com Article
Written By Jennifer Taylor
When it comes to real estate, timing is everything. If you’ve been waiting to buy or sell a home, you’re probably anxiously waiting to see what the market will look like by the end of spring.
In March 2023, existing home sales declined 22% from one year ago, according to the National Association of Realtors. Additionally, the median existing-home sales price dropped 0.9% from 2022.
Notably, the inventory of unsold existing homes increased by 1% from February 2023, according to the NAR. This is equal to 2.6 months’ supply of inventory at the current monthly sales rate.
While conditions are currently looking promising for buyers, it’s never wise to get too comfortable in today’s volatile market. To help you get a better idea of what to expect by the end of spring, GOBankingRates spoke with a couple of real estate experts to get their predictions.
There’s no way to know for sure what the market will bring by the end of this season, but here are their projections.
Home Prices Will See ‘Reasonable Reductions’
“Overall, home prices are trending lower, although that is not an indication of a deflation in value,” said Rick Arvielo, co-founder and CEO at New American Funding, the largest Latina-owned private mortgage company in the U.S. “After the unprecedented increases in home pricing over the last two years, we are seeing the froth coming off some markets that saw home prices increase significantly.”
However, he noted this is very market specific, so price decreases will vary across the country.
“For the most part, reasonable reductions are trending as we enter spring, which is a historically busy real estate season,” he said.