The Housing Market Rollercoaster: 5 Trends Shaping 2023
The housing market faces a pivotal juncture in 2023 as key trends converge to shape the landscape for buyers, sellers, builders and investors. Spiking mortgage rates stand out as the preeminent force guiding market dynamics this year. The average 30-year fixed rate vaulted from 3.2% at the start of 2022 to over 7% by October, radically altering affordability calculations for prospective buyers. This sharp reversal from pandemic-era record lows sent shockwaves through the market, as many buyers retrenched to the sidelines and transaction volumes plummeted. Dwindling housing inventory exacerbates the affordability crunch. Despite moderating …