Source: MPA Mag —
US home prices are set to fall by 5% next year in line with substantial price falls in housing markets across the globe, according to a new report by Fitch Ratings.
The ‘Global Housing and Mortgage Outlook – 2023’, which analyzed housing markets in 15 countries across North America, Europe, the Asia-Pacific region and Latin America, predicted that house prices in the US will fall by between 0% and 5% in 2023.
In addition, housing demand in the US will continue to decline, leading to a further erosion of home prices.
The report said: “Regions that experienced the largest home price gains since the pandemic are expected to incur declines more severe than the national average.
“Risks to the projection include rates rising above 7% as well as sellers pulling homes from the market, further limiting supply.”