Experts are predicting that housing prices will fall in 2023, though this drop won't erase the sheer gains made during the pandemic, which fueled the housing crisis.
This year's "difficult correction" is helped in part by the Fed's efforts to raise borrowing rates, a move that scared manny potential home buyers out of purchasing a home.
These rates are predicted to continue affecting the housing market and make it more difficult for prospective homeowners to buy a house. This correction is intended to strike a better balance between home buyers and sellers.
“Hang in there. 2024 will be better,” Jim Wood, one of Utah’s leading housing experts, told the Salt Lake Board of Realtors on Friday.
"Although demand has softened compared to last year, pushing home price growth into single-digit territory for the first time in 12 months, moderation in home price growth may encourage more buyers to return to the market in the months ahead, and may also be welcome news for sellers aiming to sell and buy at the same time," Daniel Hale, Realtor.com’s chief economist, said.
Read more about this year's housing predictions.
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