The Current State of the Housing Market: Low Mortgage Rates and Falling Home Prices.

Housing demand improved in the first few months of 2023, coupled with just enough affordability relief as mortgage rates fell back under 7%, putting the national housing market back into equilibrium this spring and causing rising house prices in many markets. Nine major research firms have revised their forecasts for national home prices, with predictions ranging from a 8% decline to a 4.6% rise between March 2023 and March 2024. The forecasts take into account factors such as constrained affordability, reduced supply, and lack of inventory.