Home Sales Projected to Fall After Decade of Increases

Home sales in 2023 are expected to fall to the lowest level since 2011, with high mortgage rates and inflation cited as the driving factors, according to Redfin. The residential real estate brokerage also anticipates that builders will slow the new single-family home construction rate and shift spending to multifamily units. Home prices are projected to drop 4%, with the Midwest and Northeast likely to be more level with 2022. See Redfin