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How the housing market will evolve in 2023

Housing Wire

This article is part of our 2022 – 2023 Housing Market Update series. After the series wraps, join us on February 6 for the HW+ Virtual 2023 Housing Market Update. Mortgage interest rates The unrelenting Fed policies to combat inflation will eventually instigate an economic recession sometime in 2023. most likely by mid-year.

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New listings surge as the spring buying season approaches

Housing Wire

Inventory has been trending upward for the last two years despite persistently high mortgage rates, Mike Simonsen, president and founder of Altos Research , wrote on Monday. The typical home in the U.S. was worth $349,216 in February, according to the Zillow Home Value Index. compared to February of 2023.

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Don’t expect a drastic housing market turnaround in 2023, Fitch Ratings says

Housing Wire

Builders feel more confident in the market, housing inventory data is positive and buyer demand for mortgages has increased — but don’t be fooled. Fitch Ratings expects a challenging 2023 — at least in the near term — while the industry right-sizes from the $4 trillion production volume that occurred during the pandemic boom years.

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The High Cost of Low Down Payments

Appraisal Buzz

Zillow found that 43% of last year’s home buyers used a gift from family or friends for at least a portion of their down payment, the highest share reported since 2018. metropolitan areas, the typical home is affordable to a median-income household with less than 20% down. Locating pockets of affordability In 10 major U.S.

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Quarterly Report Projects Yearly Home Price Gains

Appraisal Buzz

VeroFORECAST evaluates home prices in over three hundred of the nation’s largest housing markets, and the company is committed to the data science of predicting home value based on rigorous analysis of the fundamentals and interrelationships of numerous economic, housing, and geographic variables pertaining to home values.

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The agents dominating Miami’s real estate market

Housing Wire

While not yet reaching the trillion-dollar mark, Miami ‘s total real estate value, including both residential and commercial properties, was estimated at approximately $650 billion as of 2023, according to the Miami Association of Realtors. Each closed over 50 transaction sides in 2023. As of Sept.

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Single-Family Home Starts Rise for Second Straight Month

Appraisal Buzz

below the September 2023 rate of 1,363,000. below the September 2023 rate of 1,515,000. The housing market remains structurally underbuilt, and homeowners with locked-in low mortgage rates are keeping existing-home inventory limited. home value is $359,892, up 2.7% above September 2023’s rate of 1,466,000.