Source: Insider —
While some experts have warned of an impending US housing crash, Nadia Evangelou, senior economist and director of research at the National Association of Realtors, anticipates the opposite.
Home prices and sales will dip this year, but she anticipates a rebound in 2024 with sales rising and limited supplies sparking price gains.
“It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market,” Evangelou told Insider. “We don’t expect any housing crash.”
In fact, some indicators are already turning positive. The NAR’s pending home sales index has ticked higher for two consecutive months and saw its largest monthly increase since June 2020.
To be sure, the Mortgage Bankers Association said mortgage rates are continuing to rise, and a hawkish stance from the Federal Reserve will put more pressure on borrowing costs.