A top real estate economist explains why a housing rebound is coming as rising sales and lack of supply look poised to lift home prices
, Nadia Evangelou, senior economist and director of research at the National Association of Realtors, anticipates the opposite.
"It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," Evangelou told Insider."We don't expect any housing crash."has ticked higher for two consecutive months and saw its largest monthly increase since June 2020. But Evangelou said inflation could soften faster than expected this year, and the US will avoid a recession. That will lead to mortgage rates falling back toward 6% after theyThe real estate economist said the US continues to suffer from a severe housing shortage, which has"Back in 2008, we had an oversupply of homes by like 4 million, but now we have less than 1 million," Evangelou said."And this is the main factor that keeps home prices from falling.".
NAR forecasts that there could be up to an 11% drop in home sales this year. Then in 2024, activity could jump by about 18%, she said.
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