With spring approaching, many are wondering if the upcoming housing market will compare to double-digit price gains in the spring and summer of last year. Answers from our crystal ball are looking fuzzy, especially with inflation and economic turmoil from the Russian invasion of Ukraine.
However, a prediction from Zillow Group Inc. (NASDAQ: ZG) gives us a little more insight. Zillow reported annual home values to rise through the spring, peaking at 21.6% in May before slowing to 17.3% by January 2023.
Zillow researchers wrote, “The robust long-term outlook is driven by our expectations for tight market conditions to persist, with demand for housing exceeding the supply of available homes. However, downside risks to our forecast remain. Elevated inflation heightens the risk of near-term monetary policy tightening, which would result in higher mortgage rates and weigh on housing demand."
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