The Latest Expert Forecasts for Home Prices in 2023

Are you considering a move in 2023 but feeling uncertain due to rumors of a housing market crash? Let's take a closer look at the data and expert forecasts to provide you with some reassurance.

Contrary to the speculations of a major price downturn, the current reality suggests otherwise. The primary reason behind this resilience is the ongoing scarcity of homes available for sale. The demand from eager buyers continues to surpass the available supply, effectively safeguarding against a significant drop in prices.

To offer further comfort regarding the state of home prices in 2023, we've examined the latest forecasts from leading experts in the field.

Expert Consensus Points Towards Positive Home Price Trends in 2023

Most experts in the real estate industry widely project that home prices will maintain a positive trajectory throughout 2023. This is evident in the latest year-end forecasts from six prominent organizations.

As seen, the overwhelming majority of these projections indicate that national home prices are set to maintain their positive trajectory this year. This alignment among experts is a significant indicator of optimism surrounding home price growth.

For those who might still be concerned about the lone red bar indicating an overall price decrease for the year, it's essential to recognize that the National Association of Realtors (NAR) predicts only a minor decline. This falls far short of the drastic crash that has been sensationalized in some headlines. Furthermore, when you aggregate all six forecasts, the collective expectation is for prices to exhibit approximately 3.3% positive growth by year-end.

And if you need more convincing, consider this: one of the six forecasts depicted in the chart is the Home Price Expectation Survey (HPES) from Pulsenomics. It amalgamates input from over 100 economists, investment strategists, and housing market analysts. HPES findings reveal that the average expectation among all 100 experts is a 3.3% increase in prices for the year.

If you revisit the graph above, you'll observe that the blue average for the forecasts aligns with this 3.3% projection. While individual forecasts may exhibit some variance, both the HPES survey and the average of these forecasts converge on the same conclusion: 3.3% appreciation, a far cry from falling prices.

In Conclusion

If you're fretting about the possibility of falling home prices in 2023, let the insights from these experts put your mind at ease. Based on the amalgamated forecasts, home prices are poised for positive growth this year. If you have any inquiries about local home price trends, don't hesitate to reach out and connect with us. We're here to provide you with expert guidance and support regarding your real estate decisions.