For some, there remains a narrative that the housing market will continue to tank as we move further into 2023. After all, we are deep in a climate of sky-high interest rates and stagnant home prices.
Pasalis also says that many people may be making what he calls “simplistic conclusions” because sales are close to a 20-year low, so they may assume that the market is trending down. “But the path of home prices is a function of both sales and inventory levels and new listings are also close to a 20-year low,” says Pasalis. “If inventory levels remain low it keeps the market competitive, even when sales are at close to a 20-year low.
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