The research reflects home sales and prices will rise by +1% in 2023 and +5% in 2024. Not the crazy growth we’ve seen recently- but lower increases should help balance the market. If you’re waiting for a better time to buy- it appears 2023 and 2024 present a great opportunity.
Another chart (below) is interesting in highlighting a trend toward renting versus owning. Some of the loss of 1st time home buyers is due to rising mortgage rates and home prices. But another trend is emerging where potential buyers don’t see owning a home as necessary and are opting to rent.
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