Prepare for Home Sales Decline in 2023: Fannie Mae Warns of Decrease in Purchasing Power, Interest Rates, and Affordability
According to Fannie Mae, home sales are expected to nose dive in 2023. The decrease in sales is attributed to several factors including: the decrease in purchasing power for buyers, the rise in interest rates, and the decrease in affordability. In addition, the number of homes on the market is expected to decrease, further hindering buyers. Despite the decrease in sales, Fannie Mae expects prices to continue to rise due to strong demand and limited supply.