Lawrence Yun of the NAR believes home prices in 2023 will increase! I doubt it.
Count on the NAR to have more rosey predictions.
It seems that the NAR tends to give more optimistic predictions when it comes to these kinds of things. Don’t get me wrong, they are a great source for data on real estate. It just seems that the predictions that get put out could be seen as a bit self-serving.
Even if he is right nationally, he will be wrong for the Bay Area.
Even if Mr. Yun is correct about his estimate that the national price for a home will increase next year, I cannot see a way forward for our local market in Silicon Valley that does not include price drops. Even the most recent data that we discussed in my most recent Coffee & Real Estate Live Chat is showing prices dropping when compared to the same time last year – and things are only likely to get worse from here.
It is hard to find folks that agree that home prices will rise in 2023!
While the experts have been wrong before – particularly with the last real estate downturn – if we just focus on the facts right now, it is hard to buy into the idea that home prices in 2023 will rise.
Sources
https://www.nar.realtor/newsroom/nars-lawrence-yun-predicts-us-home-prices-wont-experience-major-decline-could-possibly-rise-slightly
NAR Economist Thinks Housing Prices Could Rise In 2023—Is That Possible?
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