Source: Market Watch —
The housing market is in flux. Home prices nationwide increased year-over-year by 11.4% in September 2022, according to CoreLogic. But on a month-over-month basis, home prices actually declined, dropping 0.5% from August to September of this year. What’s more, home-seller profits dropped in the third quarter as the housing market boom eased, notes real estate data company ATTOM. But what comes next? We asked real estate experts and economists what to expect from the housing market in December:
Prediction 1: Prices could come down in some markets
Jeff Tucker, senior economist at Zillow, says he expects “that prices may drop a little by year’s end, based on the very soft demand we’ve seen in October and November.” And Jacob Channel, senior economist at LendingTree, notes that: “Prices are coming down in some markets.” (See the best mortgage rates you may get here.)
Channel adds: “They may come down somewhat owning to diminished buyer demand from rates remaining relatively high as well as seasonality in the housing market — remember, the housing market is usually less active during the colder months of the year.” That said, it’s also likely prices could remain where they are this month, he adds.