The median home price in the U.S. is down 2% year-over-year due to rising interest rates, high inflation, and low housing inventory. However, the housing market is still relatively strong, and prices are expected to remain stable in the coming months.
Despite the slowdown, prices are still expected to increase by 2.9% in 2023. It is difficult to say when housing prices will drop, but factors such as rising interest rates, high inflation, and a decline in the stock market could lead to a decline in prices.
If you are thinking about buying a home, it is important to weigh all of the factors involved, including your financial situation, your needs and wants in a home, and the current state of the housing market.
Devon Thornsby and Kristi Waterworth, When Will Housing Prices Drop?, U.S. News, https://realestate.usnews.com/real-estate/articles/when-will-housing-prices-drop (Sept. 28, 2023).
Tags: economy, existing home sales, home prices, Housing, housing market, inflation, interest rates, real estate