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Over the past few years, real estate has been a roller coaster. There were several headlines near the end of last year predicting a decline in home prices. Contrary to what people think, the headlines were wrong. The market is still highly competitive. Additionally, home prices did not plunge nationwide. Prices were, if anything, much more resilient than most people anticipated.

“A return to more normal growth would be welcome after the rollercoaster ride that home prices have been on lately,”. – Jeff Tucker, Zillow’s senior economist

Let’s compare some of the expert predictions from late last year to their most recent predictions. The outlook of real estate prices appears to be positive among experts.

Expert Home Price Predictions

The direction that experts believe home prices will take has changed, without a doubt. The good news is that they are generally optimistic about it. Most people agree that low supply and high mortgage rates are to blame for the relative stability of home prices. They have revised their predictions for the year’s end, as shown in the graph. It demonstrates that they anticipate either a flattening or an increase in prices. Compared to the initial negative figures, that is a significant improvement.

2023 Year-End Home Price Forecasts

What Does This Mean to You?

In the coming months, you will still see inaccurate headlines of home prices. And they are going to misunderstand the seasonality of home price growth. The value of homes has increased. Low inventory, in the opinion of’s chief economist Danielle Hale, will prevent a steep decline in home prices. Although there will be a slowdown in home buying, prices won’t necessarily decrease as a result. They’re not rising as quickly as they did during the market’s busiest period for home sales. In essence, a slowing of appreciation is not the same as a decline in home prices.

The Bottom Line

Prices held up much better than most people had anticipated. Even professionals agree. Even though it will continue to be reported in headlines that it will crash, it’s important to consider the bigger picture. Use this information as an illustration. Connect with a local expert to get the most accurate information on the current housing market.

What To Do:

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