Zillow, Goldman Sachs, and every economist thought the 2023 market would be all negative.
Goldman Sachs originally forecasted home prices to fall by double digits. However, they have released a report titled – “As interest rates climb, the global housing market is surprisingly stable”. In it, they stated: “House prices [are] leveling out more quickly and at a higher level than would normally be expected given the rapid rise in mortgage rates. Home prices are defying expectations and RISING in major economies such as the U.S., Australia and Canada.”
Now Zillow is forecasting 3%-ish appreciation here for the next year – which sounds like the old normal: