- Home values are rising at pre-pandemic rates nationally and are forecast to stay the course.
- Buyers still have few choices, but builders are adapting to help fill the gap.
- A new survey shows rising numbers of homeowners intend to sell.
SEATTLE, Aug. 1, 2023 /PRNewswire/ — After record-breaking speed and price growth in 2021 and 2022, the housing market has largely settled and avoided a crash in prices, but challenges remain. Home values are growing in line with pre-pandemic norms, a path that Zillow® forecasts will continue. Rent is also back to “perfectly average” growth after its own wild ride. Buyers are finding a costly and competitive market, but one slightly calmer and easier to plan and budget for.
Sellers continue to sit on the sidelines, holding on to low mortgage rates. And while rates could tick down over time, the issue of affordability, which has grown worse over the past few years, is unlikely to significantly improve.
“The housing market is stabilizing after the turbulence of the pandemic, but the effects will be with us for a long time,” said Zillow senior economist Jeff Tucker. “Price appreciation is back to normal after a short reset, but that means buyers still face serious cost challenges and competition, especially for the most affordable houses and in less expensive markets.”
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Source: www.prnewswire.com
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Sandstone Group
