The National Association of Realtors is forecasting significantly lower home sales numbers for the next year. The chart below shows expected year on year change being negative through Q2, 2023.
While one would think that would bring us back to a balanced market from our extreme seller’s market, there just doesn’t seem to be enough inventory to support that. The chart below shows just how low our inventory levels are compared to historical norms.
Unless we see a rapid expansion of the number of homes for sale on the market, it looks like this seller’s market will at least last through the remainder of the year. That said, even if more homes do go on the market, it could still lead to enough additional sales to keep the market favoring sellers longer than anyone originally anticipated.