The past year has seen the US housing market experience both volatility and uncertainty due to the COVID-19 pandemic. Home prices plummeted in the spring of 2020 as many individuals put buying and selling plans on hold, contributing to a negative year-over-year trend in home price appreciation. However, Daren Blomquist, a real estate industry expert, recently argued that those negative trends in the housing market will likely rebound back into positive territory in the second and third quarters of 2023.
He made several major points as part of his argument. First, Blomquist cited the gradual recovery of home prices in the summer of 2020 and continuing into 2021 as a sign of a possible turnaround. He also predicted that home prices will reach new post-pandemic heights relatively quickly as the number of housing inventory increases. Finally, he argued that the steady decline in mortgage rates along with the release of more government incentives to buy homes will stimulate the housing market even further and lead to positive home price appreciation.
In summarizing Blomquist’s points, the future of the housing market is looking positive for 2023. With the summer and fall months expected to indicate a rebound in home appreciation and increasing housing inventories, cautious optimism is in order for the US housing market.
Bullet points with short descriptions:
– Gradual recovery of home prices in summer of 2020: Home prices began the process of a possible turnaround in summer of 2020
– Post-pandemic heights: Predicted that home prices will reach new post-pandemic heights relatively quickly
– Increase housing inventories: Increase in housing inventory will stimulate housing market further
– Mortgage rates: Steady decline in mortgage rates and release of government incentives will lead to positive home appreciation
You can read this full article at: https://www.housingwire.com/articles/is-the-spring-housing-market-about-to-rebound/(subscription required)
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