The spring season is notoriously one of the busiest times of the year for the housing market, but after a lukewarm start to spring home sales, experts are split on where the market is headed next. Greg McBride, chief financial analyst at Bankrate, expects continued softness in western markets where prices are already declining, MarketWatch reports.
On the contrary, Realtor.com chief economist Danielle Hale says prices could actually rise in May on a month-to-month basis. Either way, experts agree that while the housing market isn’t about to crash, it’s also not headed for a fast-paced ascent in the second half of 2023.
“Even though the market is unlikely to crash, people shouldn’t expect it to take off either. In other words, if they haven’t already, people should get used to a slow and expensive housing market,” says Jacob Channel, senior economist at LendingTree. When the housing market slows, demand for homes falls and sellers get fewer offers.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
