Not sure about the state of home prices? Ask an expert.
If you’re thinking about buying or selling a home this year, you may have questions about what’s happening with home prices today as the market cools. In the simplest sense, nationally, experts don’t expect prices to come crashing down, but the level of home price moderation will depend on factors like supply and demand in each local market.
In other words, going forward, how much home prices increase will still differ depending on the location. And larger fluctuations will occur in places that have seen recent large increases in housing costs. Here’s a brief overview of what experts are saying:
Danielle Hale, Chief Economist at realtor.com says:
“The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. . . Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.”