Source: El Paso Inc. —
The El Paso area is among the U.S. housing markets expected to grow the most in 2023, according to a national housing forecast.
With mortgage rates and home prices rising and lending standards tight, many markets have slowed and some are expected to grind to a halt in 2023. But economists at Realtor.com are predicting that house sales in El Paso will grow by 8.9% and prices by 5.4% in 2023, compared to 2022.
“Even in an environment where families are finding that their dollars no longer stretch as far as they did just a few months ago, cities like Hartford, El Paso, Louisville or Chattanooga offer a larger share of affordable homes for a median income,” the report states.
El Paso is listed at No. 2, behind only Hartford, Conn., on Realtor.com’s list of the top 10 housing markets positioned for growth in 2023.
Housing market experts in El Paso are also optimistic about 2023 but caution that Realtor.com’s projections may be overblown.
“El Paso is probably going to have one of the most dynamic housing markets in the country in 2023. That is safe to say,” said Tom Fullerton, an economist at the University of Texas at El Paso. “The Realtor.com sales projection is substantially higher than ours. They don’t say what goes into their calculations.”
Fullerton’s projections are based on data from the Greater El Paso Association of Realtors. He and his team at UTEP expect home sales to grow 3.2% in 2023, compared to 2022.
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