SEATTLE, Wash. – A Seattle-based real estate brokerage predicts a tumultuous 2023 for the industry.
Redfin expects a sharp drop in home sales next year as both interest rates and home prices stay relatively high.
That will keep people from moving unless they absolutely have to.
The company predicts the number of homes sold nationwide will fall to the lowest level since 2011, when the nation was still reeling from the subprime mortgage crisis.
Home prices are expected to drop somewhat, but high employment rates should keep foreclosures to a minimum.
Redfin expects rental rates to fall, which would be a double-edged sword for young people.
While they may enjoy lower rents and other incentives from landlords, high interest and home prices will keep them in the rental market indefinitely.