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December Neighborhood Minute: Housing Market Trend Report

12/09/2022

White house with red door and falling leaves

Prepare for Today’s Housing Market and Where it’s Headed Next.

Welcome back to the Neighborhood Minute! Most of this year, the housing market has seen unprecedented competition and increased home prices. See what market experts are predicting for next year’s buyers and sellers.

December’s Mortgage Trend Report

The Latest on the Housing Market

  • House prices are down about 6%* from their peak in June and are likely to keep dropping.
  • Housing market experts expect prices stabilize between 6% and 7% as we head into 2023.
  • Home sales are expected to drop in 2023 and even more if the economy is pushed into a recession.
  • Although new listings usually decline in the fall and winter months, the number of active listings in October was up 33.5% despite a decrease in home sales.
  • In 2023, the conforming loan limit is rising to $726,200 for single families.

Buy, Sell or Stay?

  • Buying? Housing market experts say to set a budget, stick to it and factor in regular home maintenance costs while shopping around for competitive current mortgage rates.
  • Selling? The market is still in your favor, so experts suggest prioritizing goals and trying to get as much home equity out of the sale as possible.
  • Staying? If you’re looking to stick out the current housing market, advisors say to continue adding to your down payment savings or investing in your current property to boost its value when you’re ready to enter the market.

2¢ Worth of Wisdom

Q: When will the housing market stabilize?
A: “Right now, the housing market is in a transition as the Federal Reserve attempts to get inflation under control. This is in turn affecting current mortgage rates and the market. But it’s important to remember this is a course correction that should hopefully result in a more steady and stable market toward the end of 2023.”

—Ed Hensley, WesBanco Executive Vice President, Mortgage

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*All information cited can be found on housingwire.com.

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