What to expect next from the housing market

What to expect next from the housing market

Heading into 2023, most housing analysts were on the bearish side. Among the 27 major forecasters, 23 expected national home prices to fall in 2023 under the weight of spiked mortgage rates. However, through the first few months of 2023, these bearish views haven't manifested.

CoreLogic: The real estate research firm expects U.S. home prices, as measured by the CoreLogic HPI, to rise 4.6% between March 2023 to March 2024.

Zillow: Economists at the home listing site forecast that U.S. home values, as measured by the Zillow Home Value Index, will rise 1.7% between March 2023 and March 2024.

Bank of America: Economists at the investment bank forecast that U.S. home prices will shift 0% in 2023.

Mortgage Bankers Association: The trade group's latest forecast has U.S. home prices, as measured by the FHFA US House Price Index, falling 0.6% in 2023 and another 1.4% dip in 2024.

Fannie Mae: Economists at the firm predict that U.S. home prices, as measured by the Fannie Mae HPI, will fall 1.2% in 2023 and another 2.2% dip in 2024.

Morgan Stanley: The investment bank expects U.S. home prices to fall 4% in 2023. "In November, the [Morgan Stanley] housing team published a home price forecast calling for a decline of 4% this year.

Moody's Analytics: The firm expects U.S. home prices, as measured by the Moody's Analytics Repeat Sales House Price Index, to fall 4.4% between the fourth quarter of 2022 and the fourth quarter of 2023.

Goldman Sachs: The investment bank expects U.S. home prices, as measured by Case-Shiller, to fall 6% in 2023.

KPMG: The Big Four accounting firm expects U.S. home prices, as measured by Case-Shiller, to fall 8% in 2023.

 

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