“There will be more of a balance in the housing market. There will be less demand and more supply. And that will contribute to the decline in house prices,' said Abbey Omodunbi, PNC Bank Senior Economist.
Housing values will drop by double digits this year, one expert is predicting, as tighter lending requirements choke off demand.
Housing prices have come down since hitting their pandemic highs in the second quarter of last year. The U.S. median home price in March decreasedto $400,706, according to Redfin, marking an 8% drop from peak pricing in May 2022. “Financial conditions will likely tighten in 2023,” he said. “We do expect the Fed to raise the Fed funds rate by a quarter of a percentage point going into the meeting in two weeks. And also after the bank failures in March, many banks are likely to be more cautious. So we might see some tighter lending standards.”
"So we're going to see a lot of new construction that's going to come online, and that's potentially going to be beneficial for first-time homeowners," Omodunbi explained.
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