As we bid farewell to the year 2022, we reflect on a challenging period marked by a decline in sales. Additionally, we also saw a dip in price by 2.8%.
Despite the recent drop in mortgage rates, which have come down in the past few weeks from their recent high reached in early November, the outlook for the coming year remains uncertain. Sales and prices are expected to remain soft in 2023. However, it is possible that we have seen the worst of the sales decline and may see some improvement in the coming months.
Home prices, on the other hand, could face further challenges in the next couple of months before stabilizing or moderating (month-to-month) in March.
On a positive note, with prices and rates both expected to decline in 2023, housing affordability should improve this year, providing excellent opportunities for your home buying event.