Is A Housing Market Recession Upon Us This Year

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According to Goldman Sachs, at the beginning of the year, nearly everyone agreed the weak activity and falling real estate prices were signs of a housing market recession.

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Buyers are hesitant to buy at the higher interest rates. And sellers are avoiding a new mortgage at a significantly higher interest rate.

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Most experts believe the housing market will correct itself, and it has been. Existing homes’ average mean sales price was $534,700 in June 2022.

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This shortage of affordable housing becomes significantly worse in larger states with a high cost of living, such as Washington, Florida, and California.

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A housing market recession may occur due to two notable price fluctuations, potentially leading to a second downturn.

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Is A Housing Market Recession Upon Us This Year

According to Goldman Sachs, at the beginning of the year, nearly everyone agreed the weak activity and falling real estate prices were signs of a housing market recession.

Buyers are hesitant to buy at the higher interest rates. And sellers are avoiding a new mortgage at a significantly higher interest rate.

Rising Interest Rates

Most experts believe the housing market will correct itself, and it has been. Existing homes’ average mean sales price was $534,700 in June 2022.

Low Housing Inventory

This shortage of affordable housing becomes significantly worse in larger states with a high cost of living, such as Washington, Florida, and California.

The Affordable Housing Crisis

A housing market recession may occur due to two notable price fluctuations, potentially leading to a second downturn.

A Housing Market Recession Is Unlikely

FOR MORE ABOUT THIS POST, VISIT RADICAL FIRE

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