According to a recent report from a national real estate firm, home buying prices won’t be coming down next year, including in Greater Hartford.
Realtor.com on Wednesday released its 2023 Housing Forecast, which said it expects home price increases of 5.4% nationwide, but available home inventory is expected to jump up 22.8%. The real estate firm predicts home sales will decline nationally by 14.1% in 2023 to 4.53 million sales, which would be the country’s lowest level since 2012.
In the Hartford-West Hartford-East Hartford market, which is one of the country’s 100 largest metro areas, the report expects home buying prices to jump 8.5% while home sales decline 6.5%.
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In the state’s Bridgeport-Stamford-Norwalk market, home buying prices are expected to be up 5.9% while actual home sales are projected to decline 6.5% in 2023.
The New Haven-Milford market will see home prices rise 3.5% while Realtor.com expects sales to be flat year-over-year.
Meanwhile, Realtor.com predicts average national mortgage rates of 7.4% in 2023. Rent nationally will be up 6.3% year-over-year, according to the report.
Realtor.com said housing is in a gradual adjustment period regarding pricing and inventory that could last through 2025.
