STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBENGALURU - A short U.S. housing market correction is now over, according to property analysts polled by Reuters who have wiped out forecasts for a price fall this calendar year but also look for stagnation in 2024 despite expectations for interest rate cuts.
After falling nearly 7% from a cycle high in June 2022 - well short of predictions made late last year for a 12% peak-to-trough fall - average house prices started rising again in February and are now only around 1% below their peak. The latest 2023 median forecast compares with a near-3% fall predicted in a May poll, a 4.5% fall in March, and a 5.6% drop forecast in December last year, marking the third consecutive upgrade even as interest rates rose more than expected during that time.
Sharp rate rises over the past year have led many existing home owners who locked in cheap mortgages from a long period of near-zero rates to stay put. That has restricted available supply and with it, housing turnover. Existing home sales, which comprise about 90% of total sales, are currently running at an annualized 4.07 million units, a six month-low.
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