The sky isn’t falling as we enter 2023 when it comes to real estate market, but there aren’t a whole lot of rainbows up there, either.
A number of stories last week point to the year shaping up to be a rough one.
Compass, the No. 1 residential brokerage firm in the U.S. in terms of sales volume, announced it’s subletting its corporate headquarters — while also engaging in its third round of layoffs over the last year.
In Boston, the residential and commercial markets had a rough fourth quarter. Tight inventory and high mortgage rates squeezed Boston condo sales.
Things appear to be rough all over. Home prices throughout the country have slipped, the result of increasing monthly mortgage rates.
Overall, pending U.S. home sales during the four weeks ending Jan. 1 dropped 32 percent from the year prior, the lowest level since at least 2015, Redfin reported.
Of course, no one has a crystal ball as to what the rest of the year will look like, and there’s still plenty of time for a turnaround, especially with a traditionally strong spring market on the horizon.