What does a Recession Mean for the Housing Market?

The data proves that in more recent recessions home prices have risen and mortgage rates have dropped. This is nothing like 2008 because we have strict lending practices and nearly 63% of owners are considered equity rich. ⁶

But what are the experts saying about 2023 home prices?

So if you average each of these expert predictions for home prices in 2023, that’s a drop of .38%. ⁷˒⁸˒⁹˒¹⁰˒¹¹˒¹²

Bottom Line

Every area and neighborhood housing market is different. If you want to have a better understanding of what’s going on in your market or have questions about buying or selling, let’s connect.

CURIOUS ABOUT YOUR HOME’S VALUE?

Sources:

1.
https://www.corelogic.com/blog/2019/03/housing-recessions-and-recoveries.aspx 

2.
https://www.thebalance.com/the-history-of-recessions-in-the-united-states-3306011 

3.
https://www.corelogic.com/intelligence/find-stories/corelogic-hpi-posted-record-year-over-year-growth-in-2021/ 

4.
http://www.freddiemac.com/pmms/

5.
https://mtg-specialists.com/2022/05/11/recession-interest-rates-and-real-estate/

6.
https://finance.yahoo.com/news/homeowners-still-getting-equity-rich-133300481.html

7.
https://www.fanniemae.com/media/44911/display

8.
https://pulsenomics.com/surveys/#home-price-expectations

9.
https://www.freddiemac.com/research/forecast/20221021-quarterly-forecast-rapidly-rising-rates-declining-demand-driving-housing-market

10.
https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-oct-2022.pdf?sfvrsn=d32917_1

11.
https://cdn.nar.realtor/sites/default/files/documents/forecast-q4-2022-us-economic-outlook-09-28-2022.pdf

12.
https://www.zelmanassociates.com/ (by subscription)