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NAR: Prices will remain stable for 2023

The projections come during NAR’s fourth annual year-end Real Estate Forecast Summit. 

NAR’s Chief Economist Lawrence Yun outlined the association’s expectations for the coming year. They include 4.78 million existing home sales, a 0.3% increase on the median home price to $385,800 and mortgage rates of 5.7%.

“Half of the country may experience small price gains, while the other half may see slight price declines,” Yun said in a news release. “However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10-15%.”

Yun also predicted rents will rise about 5% in 2023, which is on top of the 7% increase seen this year. He expects foreclosure rates to remain historically low, comprising less than 1% of all mortgages in 2023.