Harvard Releases 2023 State of U.S. Housing Market Report

The housing market outlook is slowing due to high interest rates, affordability and lower existing home sales and new construction, according to the recently released State of the U.S. Housing Market 2023 report by the Joint Center for Housing Studies of Harvard University. Single family home construction fell 10.8% in 2022 with the second half of the year dropping 23.2% compared to the same period in 2021. Home prices remain elevated compared to pre-pandemic levels but have slowed from 20.1% annual growth in February 2022 to 2% this year. See Harvard