The housing forecast for 2023 is mixed. The housing market has seen an extraordinary rise in home prices this past year. Most experts in the housing industry predict less buyer demand, lower prices, and higher borrowing rates. According to The Business Journals and Forbes here are a couple of predictions for the 2023 housing market for in-demand markets.
Southeast Florida and New York City are examples of in-demand markets. South Florida is improbable to see a major setback in values and will likely show modest price growth up to 5% from current levels. The Northeast is seeing a return of buyers to more urban areas such as New York City. New York City is unlikely to see any major adjustment due to the limited number of turnkey homes for sale, aiding in price stability.”
Comerica Bank chief economist Bill Adams expects average home prices will fall by "mid-single" percentage points through the middle of next year, with larger declines in tech-centric regions and areas where affordability was most stretched prior to the correction, particularly on the West Coast, where the tech industry’s correction is having an "outsize" impact.