WHERE DOES THE HOUSING MARKET GO FROM HERE?

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With a possible recession looming, many investors, home buyers, and current owners are worried about the current state of the U.S. housing market and wondering whether another housing bubble is around the corner.

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With a volatile economic climate post-pandemic, almost all markets have experienced a change in trends, and the U.S. housing market is not immune to a possible correction. What does the current state of the U.S. housing market mean for potential buyers and sellers; is a possible decline around the corner?

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Current Housing Prices in the U.S.

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Hawaii is the most expensive state, with a median house price of $615,300 as of 2022, followed by California. The least expensive states in the U.S. are West Virginia and Mississippi, with a median house price of $119,000.

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While every state has its own housing market, all states have seen a price increase year over year, despite the decreasing demand trend.

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Recession and Mortgage Rates

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A recession traditionally means lower house prices due to demand destruction. But how much prices may fall is the difficult question; after all, there is a lot more money in the system than pre-Covid, chasing a limited supply of resources such as homes.

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