Is it the right time buy a house?
Since Fed's tapering began in the end of 2021, mortgage figures have been in a mark up phase. There is still no indication of a correction. As a result of it, housing prices may not find support for new high levels. Monthly price changes in the negative territory are supporting this idea in the last months.
However, the year over year housing price changes are still providing more room for increase. So, the price conditions may stay elevated in 2023 but the momentum is clearly losing steam.
Briefly if you buy a house now, you will possibly feel right for some time but there can be a phase of price correction in 2023 and 2024. Moreover, with softening inflation rates in the coming period, the housing market prices in real terms may be better than today.
However, the year over year housing price changes are still providing more room for increase. So, the price conditions may stay elevated in 2023 but the momentum is clearly losing steam.
Briefly if you buy a house now, you will possibly feel right for some time but there can be a phase of price correction in 2023 and 2024. Moreover, with softening inflation rates in the coming period, the housing market prices in real terms may be better than today.
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