ON YOUR SIDE: Economists expect home prices to slide sharply in 2023 as soaring mortgage rates chase away buyers. onyourside homeprices alabamanewsnetwork
Rising interest rates could further tighten supply
Rising rates have forced some homeowners to pump the brakes on selling their property because they would have to get a mortgage to buy another home as rates are surging. The inventory of unsold existing homes fell for the second straight month in September to 1.25 million, according to NAR data. "We think inventory could increase modestly in the next month or two as homes sit on the market for longer, but new listings continue to decline as sellers retreat to the sidelines," Nancy Vanden Houten, lead U.S. economist with Oxford Economics, said in a research note. Economists expect mortgage rates to continue climbing next year as the Federal Reserve further pushes up borrowing costs in a bid to curb inflation. Rates could reach 8.
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