07/31/2023
Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?
Housing market activity remains weak overall, thanks to high mortgage rates, elevated home prices and constrained housing inventory—a trifecta of headwinds perpetuating the affordability crisis.
Though summer temperatures are heating up, it looks like a tepid season ahead for the housing market. The national average 30-year fixed mortgage rate decreased by eight basis points in June before ticking up again in the beginning of July. A basis point is one-hundredth of one percentage point.