General World News

Don’t expect a drop in home prices in 2023, NAR economist says

While elevated mortgage rates, sluggish home sales and high inflation have taken a significant toll on the housing industry, it’s unlikely that these issues will cause home prices to drop next year, at least according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.

In fact, we may see a further uptick in home prices in 2023, even if mortgage rates stay at or near 7%, Yun said.

Yun, who analyzed the current state of the residential market, offered his 2023 market outlook on Friday at the NAR conference in details ⇒

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