Wednesday, February 1, 2023

Americans Misinformed on The Housing Market

 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.   

See the whole article here.

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