‘Prices may dip’ in some markets: 5 economists and real estate pros on what to expect from this ‘in transition’ housing market

Despite the fact that mortgage interest rates have been gradually increasing, some experts predict that trend may continue (you can see the lowest mortgage rates you can get here).

Homebuyers in the summer have probably observed that the rate of housing price growth isn't slowing down as much as they'd like.

However, experts claim that there is good news on the horizon for you: this extremely hot property market is beginning to cool.

However, experts claim that there is good news on the horizon for you: this extremely hot property market is beginning to cool.

According to Lawrence Yun, chief economist for the National Association of Realtors (NAR), home price increases will decrease in the coming months as a result of declining home sales and rising mortgage rates.

Year-over-year home price growth could only reach the mid-single digits by December, ranging from 4% to 7%, according to Yun.

In July and August, the peak travel months, buyers and sellers begin to prioritize travel above real estate transactions.

The rise in home inventory has been one major spring and summer narrative.

Beginning in the summer of 2020, there was a severe housing scarcity, and property prices were increasing annually by double digits.