<article class="post-632805 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-632805"><span class="entry-date">February 2, 2023</span><div class="entry-header center-block text-center"><h1 class="entry-title">Experts Forecast a Turnaround in the Housing Market in 2023</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=Experts+Forecast+a+Turnaround+in+the+Housing+Market+in+2023&url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fexperts-forecast-a-turnaround-in-the-housing-market-in-2023%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="Experts Forecast a Turnaround in the Housing Market in 2023 Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/experts-forecast-a-turnaround-in-the-housing-market-in-2023-KCM.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width="358"/>
<p>The housing market has gone through a lot of change recently, and much of that was a result of how quickly <a href="https://www.simplifyingthemarket.com/2023/01/17/think-twice-before-waiting-for-3-mortgage-rates/?a=712984-fa409495d5d70154d03a25e81e9540e2">mortgage rates</a> rose last year.<!–more–></p>
<p>Now, as we move through 2023, there are signs things are finally going to turn around. Home <a href="https://www.simplifyingthemarket.com/2023/01/20/whats-really-happening-with-home-prices-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2">price appreciation</a> is slowing from the recent frenzy, mortgage rates are <a href="https://www.simplifyingthemarket.com/2023/01/24/the-3-factors-that-affect-home-affordability/?a=712984-fa409495d5d70154d03a25e81e9540e2">coming down</a>, inflation is easing, and overall market activity is starting to <a href="https://www.simplifyingthemarket.com/2023/01/26/why-it-makes-sense-to-move-before-spring/?a=712984-fa409495d5d70154d03a25e81e9540e2">pick up</a>. All of that’s great news for the housing market this year. Here’s what experts are saying.</p>
<h5><strong>Cristian deRitis, Deputy Chief Economist, </strong><a href="https://www.newsweek.com/housing-market-reckoning-wont-provide-salvation-homebuyers-1774415"><strong><em>Moody’s Analytics</em></strong></a><strong>:</strong></h5>
<blockquote><p><em>“The current state of the housing market is that <strong>it is certainly in transition</strong>.”</em></p></blockquote>
<h5><strong>Susan Wachter, Professor of Real Estate and Finance, </strong><a href="https://www.bloomberg.com/news/articles/2023-01-12/housing-market-in-2023-will-be-shaped-by-fed-policy"><strong><em>University of Pennsylvania’s Wharton School</em></strong></a><strong>:</strong></h5>
<blockquote><p><em>“Housing is going to ease up. I think <strong>2023 will be a turnaround year</strong>.”</em></p></blockquote>
<h5><strong>Lawrence Yun, Chief Economist, </strong><a href="https://apnews.com/article/inflation-national-association-of-realtors-business-0fee2b2e18dd8e4aa047f892476fcba8"><strong><em>National Association of Realtors</em></strong></a><strong> (NAR):</strong></h5>
<blockquote><p><em>“Mortgage rates have fallen in the recent past weeks, so I’m very hopeful that <strong>the worst in home sales is probably coming to an end</strong>.”</em></p></blockquote>
<h5><strong>Robert Dietz, Chief Economist and Senior Vice President, </strong><a href="https://www.businessinsider.com/2023-could-be-the-year-that-the-us-housing-market-gets-back-on-track-2023-1"><strong><em>National Association of Home Builders</em></strong></a><strong> (NAHB):</strong></h5>
<blockquote><p><em>“. . .<strong> it appears a turning point for housing lies ahead</strong>. In the coming quarters, single-family home building will rise off of cycle lows as mortgage rates are expected to trend lower and boost housing affordability.”</em></p></blockquote>
<h3>Bottom Line</h3>
<p>
If you’re thinking about making a move this year, a turnaround in the housing market could be exactly what you’ve been waiting for. Let’s connect to talk about the latest trends in our area.</p>
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