Here’s Our Housing Forecast for the Rest of the Year
From Realtor.com
Jun 22, 2023
What a difference a few months can make in the housing market.
Late last year when Realtor.com® issued its housing forecast for 2023, our economics team believed the number of homes for sale would jump substantially, home prices would continue climbing, and rising rents would continue to bedevil tenants across the country.
Clearly, not all of our predictions came true. That’s why Realtor.com has revised its forecast to reflect some new realities in the housing market that are having an outsized impact on buyers struggling with higher costs, sellers reluctant to give up their rock-bottom mortgage rates, and shell-shocked tenants who endured years of landlords jacking up their rents.
“It was a good time to check in and update our forecast,” says Realtor.com Chief Economist Danielle Hale. “We made a bold call that home prices wouldn’t go down in 2023, and with the latest data, we’re revising that projection.”
The big takeaway for the second half of the year is that, while home prices, mortgage interest rates, and rents will come down a little bit, most folks won’t see much—if any—relief. There won’t be any big price drops reminiscent of the Great Recession.
In fact, the average monthly mortgage payment* is about 15% more per month than it was a year ago.
“Home costs are still going to be higher for buyers in 2023 because home price declines are very mild and not universal,” says Hale. “Some areas are still seeing home prices going up and mortgage rates are still very high.”
Continue Reading at Realtor.com
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Meanwhile, here in the Catalina Foothills we are experiencing a somewhat similar scenario - high mortgage rates are causing many would-be sellers to just stay put and not list their homes, which has led to a very tight supply of homes for sale, which is causing many buyers, especially mortgage buyers, to struggle to find a home that meets their needs and that they can afford.
Being an affluent area the Catalina Foothills market is helped along with its high percentage of cash sales - 320 homes sold so far this year, with 117 or 36% cash sales.
During the same period last year, 402 homes sold, with 178 or 44% cash sales.
See recent blog posts regarding sold prices then and now - HERE & HERE
John Schneider /Realtor®
Tierra Antigua Realty
Catalina Foothills Homes
[email protected]
520 271-4164
TheFoothillsToday.com
to see all the homes for sale in the Catalina Foothills
(and only in the Catalina Foothills)
