The typical mortgage payment will be higher, ↑ 28%, pricing many buyers out of the market. Mortgage rates will be higher, with early 2023 hikes to 7.4%, followed by a slight retreat to 7.1% by year-end. Home prices will continue to rise, but at a slower rate; ↑ 5.4%. Inventory will still lag pre-pandemic level, but will be ↑ 22.8% yearly, giving buyers more homes to choose from.
Market Update