Here we are with 2023 a few weeks away, and officially entering into the holiday season! As the house market is ever changing we have a lot to be grateful for as we wrap up the year.

Let’s zoom out to the macro level: here’s what the experts are saying.

In the summer months homes were flying off the market. Over the past nine months we have seen existing home sales fall across the nation. The supply of single-family homes is growing. And with mortgage rates near 7%, experts say a large-scale housing slowdown is becoming increasingly likely.

“Pantheon estimates that existing home prices will keep falling, ultimately dropping by about 20% from their June peak of around $414,000.”

With this being said analysts are not predicting that house prices will dramatically drop, but more adjust to higher interest rates & slowing demand.

“Unemployment remains low. And most homeowners who bought in recent years have locked in rock-bottom rates, making their payments affordable.”
“That means a surge in defaults — like the one that crashed the U.S. housing market in 2008 and 2009 — is unlikely, economists say.”

Now for the micro level: here’s what’s happening in Indiana.

Indiana remains ahead of national trends & more affordable in median sales price than nationwide–today’s U.S. median sale price ($379,100) is nearly 40% more than Indiana’s $236,000.

Even in a tough year, nearly 80,000 properties have changed hands across Indiana through mid-November, close to our best pre-COVID annual pace.

Good news for sellers is in Indiana even as mortgage rates have doubled median sales prices are 12% higher than they were the year prior.

With inflation, rising mortgage rates, & seasonal slow down as winter approaches more homes are available and median prices have fallen more than 5% since June.

Bottom line: expect house prices to slightly decline, which doesn’t equal disaster, and expect happier, less frustrated would-be home buyers headed into 2023. If you’re a home buyer looking to make a move you can take advantage of a slowing market to negotiate better deals with less competition & refinance down the road as inflation is looking to ease.

Bottom bottom line: If you're considering moving this upcoming year it’s always great to get a game plan together to see if this year is the right time for you. Everyone has their own unique