Source: The Hill
Americans who are planning to purchase a home in 2023 are woefully misinformed about
the nation’s mercurial housing market, even as millions of them prepare to buy
homes, according to a survey by
NerdWallet. On average, they hope to spend
$269,200, which falls more than $100,000 short of the median home price, which
was $388,100 in December, according to the real estate brokerage Redfin. Home
prices crossed the $269,000 threshold sometime in 2013, Federal Reserve
statistics show.
Two-thirds of those surveyed said they expect an imminent crash, however, real
estate economists do not. Lawrence Yun, chief economist for the National
Association of Realtors, forecast an average sale price of $385,800 this year,
about the same as last year. Redfin predicts a 4 percent drop: bad news for
sellers, but hardly a crash.
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