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Spring Brings Cautious Optimism to U.S. Housing Market
The 2023 outlook we published in January, “Staying in Place – The Post‑Pandemic Housing Market,” anticipated a challenged but resilient U.S. market generally trading sideways this year amid reduced activity and low inventory. Our expectation has been largely realized so far, with national home prices down only 3% from the peak in June 2022, according to CoreLogic Case-Shiller, and recent data have been encouraging. Demand is down due to the shock in affordability after the sharp rise in mortgage rates in the past year. However, supply is also down as potential sellers, many of whom benefit from existing ... (full story)