Homebuilder confidence and demand for mortgages have increased recently, keeping hopes high for an improved housing market in 2023. But a modest recession is still expected this year, and elevated mortgage rates, coupled with high home prices, will limit housing activity, according to Fannie Mae.

Fannie Mae expects total home sales in 2023 to be 4.52 million units, declining from its final estimate of total sales in 2022 and marking the slowest annual pace since 2010, according to its Economic and Strategic Research Group. 

“We project that the combination of details ⇒

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