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Throughout the past two years, the housing market has been largely defined by unprecedented price volatility and ebbing supply and demand. According to real estate experts like Danielle Hale, Realtor.com chief economist, the year ahead could see more persistent affordability challenges paired with slower home sales as both buyers and sellers pull back from a market in the throes of a correction, Forbes reports.
Similarly, Bob Pinnegar, president and chief executive officer of the National Apartment Association, predicts that an ongoing supply/demand imbalance will sustain an affordability crisis, one which he says can be addressed with the construction of 4.3 million new apartments by 2035.
On the economic side, supply chain issues have begun to ease and will hopefully continue to in the year ahead. While jobs are steady, the labor market faces challenges in areas like construction, where workers are needed. Inflation is starting to show signs of easing, but any of those impacts are unlikely to be seen until the end of 2023.
