The National Association of Realtors published their end of year recap of 2022 and what to watch for 2023. Here area few highlights from the article but it is a great read if you are interested in the market and how it has moved over the last year.
- 2022...The year of softening
- After a year of multiple-offer frenzy, the housing market has slowed down in 2022. Inflation and mortgage rates rose to 40-year highs, hurting affordability.
- Home prices are still higher than the previous year. Although fewer buyers are in the market, demand for homes continues to outpace supply.
- Mortgage rates have peaked. As of the second week of November, the rates are finally moving down as inflation is cooling. Rates may stabilize around 6 percent which could bring more buyers back to the market boosting demand for housing.
- Markets to watch in 2023 and Beyond
- The Dallas Forth Worth Market is number 3 on the list of Markets to Watch in 2023 and Beyond. Dallas-Fort Worth-Arlington, TX Dallas-Fort Worth has experienced a growing influx of tech workers. This is another emerging tech in the U.S., with many new start-ups moving in this area. Not only is housing more affordable than nationally, but this area provides more options to buyers.
If you would like to read the entire article, please click the image below.