{"id":523709,"date":"2022-12-09T02:24:05","date_gmt":"2022-12-08T23:24:05","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-home-prices-will-post-first-year-over-year-decline-in-decade-in-2023-experts\/"},"modified":"2022-12-09T02:24:05","modified_gmt":"2022-12-08T23:24:05","slug":"us-home-prices-will-post-first-year-over-year-decline-in-decade-in-2023-experts","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-home-prices-will-post-first-year-over-year-decline-in-decade-in-2023-experts\/","title":{"rendered":"#US home prices will post first year-over-year decline in decade in 2023: experts"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a384426eac50\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a384426eac50\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-home-prices-will-post-first-year-over-year-decline-in-decade-in-2023-experts\/#%E2%80%9CUS_home_prices_will_post_first_year-over-year_decline_in_decade_in_2023_experts%E2%80%9D\" >&#8220;US home prices will post first year-over-year decline in decade in 2023: experts&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CUS_home_prices_will_post_first_year-over-year_decline_in_decade_in_2023_experts%E2%80%9D\"><\/span>&#8220;US home prices will post first year-over-year decline in decade in 2023: experts&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The US housing market\u2019s deep freeze is likely to accelerate next year and result in the first year-over-year decrease in home prices in a decade, according to experts at real estate firm Redfin.<\/p>\n<p>The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n US home sale price is projected to fall 4% to $368,000 in 2023, according to Redfin\u2019s forecast for the upcoming year. The decline will make the first annual drop in home prices since 2012.<\/p>\n<p>The prices declines will begin during the first quarter as owners closed deals on homes that went into contract at the end of this year, deputy chief economist Taylor Marr <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2023\/\">said in a blog post.<\/a> Home prices have already begun to fall on a month-over-month basis in many markets.<\/p>\n<p>\u201cPrices would fall more if not for a lack of homes for sale,\u201d Marr said. \u201cWe expect new listings to continue declining through most of next year, keeping total inventory near historic lows and preventing prices from plummeting.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"751\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/home-prices-redfin.jpg?w=1024\" alt=\"Home price chart\" class=\"wp-image-24948469\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/home-prices-redfin.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/home-prices-redfin.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/home-prices-redfin.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption><span class=\"credit\">Redfin<\/span><\/figcaption><\/figure>\n<p>Home prices are expected to fall most precipitously in so-called \u201cpandemic boomtowns\u201d that attracted buyers in 2020 and 2021. Cities most at risk include Austin, Texas; Boise, Idaho; and Phoenix, Arizona.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Meanwhile, home markets in the Midwest and Northeast are seen as likely to maintain their prices in the year ahead.<\/p>\n<p>Surging mortgage rates this year have caused an affordability crisis, adding to the financial pain for prospective buyers that already faced steep home prices and crushing inflation.<\/p>\n<p>The worsening conditions began to crush buyer demand in the second half of this year and led desperate sellers to slash their asking prices \u2013 or pull their listings entirely.<\/p>\n<p>A decline in sales volume is expected to continue into next year. The number of existing home sales is expected to plunge 16% to 4.3 million in 2023 compared to this year.<\/p>\n<p>Marr said the sales slump is attributable \u201cto affordability challenges including\u00a0high mortgage rates, still-high home prices, persistent inflation and a potential recession.\u201d<\/p>\n<p>\u201cPeople will only move if they need to,\u201d Marr added.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/house-for-sale-redfin-atlanta.jpg?w=1024\" alt=\"Home for sale\" class=\"wp-image-24948500\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/house-for-sale-redfin-atlanta.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/house-for-sale-redfin-atlanta.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/house-for-sale-redfin-atlanta.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Home prices are expected to fall most precipitously in so-called \u201cpandemic boomtowns\u201d that attracted buyers in 2020 and 2021. Cities most at risk include Austin, Texas; Boise, Idaho; and Phoenix, Arizona.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>As the year progresses, homeowners could see some relief in the form of cooling mortgage rates. Redfin predicted 30-year fixed mortgage rates will sink to an average of 5.8% by the end of next year \u2013 after they surged above 7% this year.<\/p>\n<p>\u201cMortgage rates dipping from around 6.5% to 5.8% would save a homebuyer purchasing a $400,000 home about $150 on their monthly mortgage payment,\u201d Marr said.<\/p>\n<p>Federal Reserve Chair Jerome Powell has referred to current conditions in the housing market as a \u201cbubble\u201d \u2013 and the situation has prompted mounting anxiety among Americans.<\/p>\n<p>A recent survey from LendingTree found that 41% of Americans expected a housing market crash within the next 12 months.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The median US home sale price is projected to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":523710,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/homes-for-sale-usa-03.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[136931,5069,12156,87723,91261,77579],"class_list":["post-523709","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-12-8-22","tag-economy","tag-housing","tag-mortgages","tag-recession","tag-residential-real-estate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=523709"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/523709\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/523710"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=523709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=523709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=523709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}