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"Current trends and the outlook for housing market fundamentals suggest activity will remain relatively healthy through 2021, with prices either continuing to climb or remaining steady in all regions," CREA said in a forecast published in mid-December. About Q.ai's Inflation Kit | Q.ai - a Forbes company, Q.ai - Powering a Personal Wealth Movement. "The national average interest rate will likely stay somewhere around 3.25% for 2022. The housing market will continue to plummet as there's "no floor in sight," according to Pantheon Macroeconomics. Recent data from Redfin, a real estate brokerage, shows that median home prices are up 20% year-over-year. One explanation for this is as more positions became remote starting in March 2020, tech workers who are heavily concentrated in this region have reaped some of the most opportunities to work from home. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Is the housing market really crashing? Redfin's chief economist shares Home starts were down 8.8% year over year between October 2021 and October 2022, and applications for permits for new builds were down 10.1% over the same time period. 'Rich Dad Poor Dad' Author Expects Market Crash, Plans to Buy Bitcoin Is the U.S. housing market heading for a crash? Here's - MarketWatch 2023 Forbes Media LLC. editorial integrity, Why You Should Wait Out the Wild Housing Market DiBugnara believes we can expect relatively low rates to continue, at least for a while. Lets take them into consideration before we review the cities which have been hit the hardest. Existing home prices in 2023 are predicted to fall about 5% nationally and potentially up to 10% or more in both high-priced areas and regions in which home values soared the most. It is a helpful sign that new home construction climbed at an annual rate of 6.8% in February, the fastest growth since 2006. Which certificate of deposit account is best? While housing experts predict this scenario is unlikely, still, it should not be ignored. Comment below your prediction for the housing market in the next 6 months! This growth is 1% higher than the peak of what I forecasted for 2021, up until March 18.