Experts are starting to make their 2023 home price predictions. Most agree homes will continue to gain value, just at a slower pace. Over the past couple of years home prices have risen at an unsustainable rate.
Historically, home values have appreciated at a rate near 4%. For 2023, the average of six major forecasters (Fannie Mae, SPSS, Freddie Mac, MBA, and Zelman) are calling for an increase of 2.5%. The exception is Zelman who is calling for depreciation of almost 3%. Much of the optimism is based on the economics of supply and demand. It is still a seller’s market, and in that scenario, home prices tend to appreciate.
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