The housing market has taken a hit over the last three years, and for potential homebuyers, the current dynamics are proving unreliable.
The big question is: when will housing become affordable again?
Forbes Advisor recently released a breakdown of the state of 2023’s housing market. The report delves into the current housing market dynamics, and highlights the challenges prospective homebuyers currently face.
Furthermore, the report outlines the persistently high home prices, driven by factors such as limited home supply, high demand, and low mortgage rates. The analysis suggests that while there might be some stabilization in certain areas, a significant drop in prices to reach affordable levels remains uncertain.
Economists and real estate experts who were quoted in the report are concerned about the impact of rising construction costs and supply chain disruptions, further exacerbating the affordability crisis.
Additionally, the report explores potential policy interventions and market indicators that could influence the market in the coming months. Overall, the report paints a cautious picture, indicating that the path to affordable housing in 2023 remains uncertain, with various economic and market factors at play.
Read the full report here.