How Bad Will It Be? Why the Spring Housing Market Will Be ‘Miserable’ for Homebuyers

Any buyers—or wannabe buyers—who thought last year’s meteoric jump in home prices was rough should be prepared for this spring to be even worse. A hellish trifecta of fast-rising housing prices, increasing mortgage rates, and record-low inventory of homes for sale is likely to present a brutal spring real estate market for those looking to purchase a new home.

“For the buyers, it’s going to be miserable,” predicts Mark Zandi, chief economist at Moody’s Analytics. “We’re going to see a lot fewer home sales this spring. … In many communities, they [just] don’t have something to sell.”