What to expect from the housing market in the second half of 2023?

and declining home prices, the market is still relatively inert at this stage of the year when historically it is at its peak.

While new construction is increasing to meet some of the demand for single-family homes, it will not be enough to meet current market needs.

So what does the second half of 2023 have in store for homebuyers? While the Federal Reserve expects continued rate hikes through the end of the year, industry leaders anticipate lower mortgage rates and a subsequent increase in home purchases with lower prices and increased affordability. However, few expect a recovery that would allow the market to catch up to the pace of activity seen in the U.S.