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How the housing market will evolve in 2023

Housing Wire

This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. They increased the Federal Funds Rate from nearly 0% at the start of 2022 to 4.5% As inflation eases, so will long term mortgage rates.

Marketing 432
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You can’t buy what’s not for sale in the housing market

Housing Wire

And, unfortunately, sellers are not selling in today’s higher mortgage rate environment. The golden handcuffs of low mortgage rates keep sellers rate-locked in Before the housing market crash in 2007, the average length of time someone lived in their home, or tenure, was approximately five years.

Sales 396
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Wage growth downtrend kills 1970s inflation fear

Housing Wire

Given Friday’s job report , those who have been concerned with entrenched 1970s inflation — which would lead to double-digit mortgage rates — can put their disco shoes back in the closet. As you can see in the chart below, year-over-year wage growth peaked early in 2022 and has been in a clear downtrend for some time now.

Mortgages 535
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Why purchase application data is below 2008 levels

Housing Wire

The years 2020-2024 were going to be the time when total home sales could finally reach 6.2 In the summer of 2020, I talked about how the housing market would change, but it needed the 10-year yield to break over 1.94%, which roughly means 4% plus mortgage rates. Back then, the peak was approximately 2.3

Mortgages 496
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Mike Fratantoni on MBA’s 2022 mortgage market forecast

Housing Wire

We’ve had the sharpest and yet also the shortest recession in history, record-low mortgage rates leading to record origination volumes, and record home prices as housing demand far outstripped supply. A silver lining is that we are expecting both 2022 and 2023 to be record years for purchase originations.

Mortgages 458
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How an Interest Rate Cut Could Spark a Surge in Home Prices?

Marco Santarelli

With interest rates fluctuating and market dynamics constantly evolving, making the right decision at the right time is crucial. Recent insights from real estate experts shed light on how an interest rate cut might impact the housing market, potentially leading to a surge in home prices.

Finance 105
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Hot Off the Press: What Today’s Housing Numbers Mean for You & Your Clients

The Close

But when you look at these July 2023 housing market numbers in a broader context of year-over-year data, you can see the true impact of high interest rates and low inventory. ” Dr. Lawrence Yun , Chief Economist, NAR July 2023 Data: Is the Housing Market Crashing? Summer 2023 Housing Trends It’s hot and sweaty out there.