Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin.
The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline since 2012, a Dec. 6 press release states. Redfin blames elevated mortgage rates as one of the reasons for the drop. If there were no shortage of homes for sale, prices would fall more, it stated. The brokerage expects new listings to decline through most of 2023. This will keep total inventory near historically low levels and also prevent a plummeting in prices….