Weekly real estate market update 12/16/22… 2023 Housing Market Forecast

There were more pending sales than new listings this week, first time since April but what happened the last three weeks of December last year… we will see if the same holds true this year. Price changes have been below new and pending listings since Thanksgiving.

As I say every year at this time… this is one of the best times of the year to buy. Of course that means you must find a property you want to make your home. Showings are almost tied with last year, I guess it follows that increased pending sales are in sync with increased showings.

Sales this year have been highly influenced by mortgage rates, which in turn were highly influenced by inflation.

Rates have been falling the last four weeks. If inflation continues to soften, mortgage rates will likely respond in kind. Mortgage rate projections from four different sources project an average of 6.0% interest rate at this time next year, range is from 5.2% to 6.5%. Time will tell, much will be determined by inflation. Many are predicting a recession for next year, which typically helps mortgage interest rates.

Learn more about what could be happening next year in the 2023 Housing Market Forecast below from our blog at Keeping Matters Current. If you like to dig deep, don’t miss the links to eight sources at the bottom of the post.

Sharlene Hensrud, RE/MAX Results – shensrud@homesmsp.com

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Some Highlights