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Oops! Home prices didn’t crash after all

June 5, 2023

Oops! Home prices didn’t crash after all

During the fourth quarter of last year, many housing experts predicted home prices were going to crash this year. Here are a few of those forecasts:

“I expect housing prices fall 10% to 15%, and the housing prices are accelerating on the downside,” said Jeremy Siegel, Russell E. Palmer Professor Emeritus of Finance at the Wharton School of Business.

“Buckle in,” said Mark Zandi, Chief Economist at Moody’s Analytics. “Assuming rates remain near their current 6.5% and the economy skirts recession, then national house prices will fall almost 10% peak-to-trough. Most of those declines will happen sooner rather than later. And house prices will fall 20% if there is a typical recession.”

And from Goldman Sachs: “Housing is already cooling in the U.S., according to July data that was reported last week. As interest rates climb steadily higher, Goldman Sachs Research’s G-10 home price model suggests home prices will decline by around 5% to 10% from the peak in the U.S. … Economists at Goldman Sachs Research say there are risks that housing markets could decline more than their model suggests.”Continue Reading

Filed Under: Market Trends Tagged With: Depreciation, Home Prices

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"Hire Russ as you Real Estate Agent! If you want to sell your home quickly and with ease, Russ Fortuno is the real estate agent for you. Russ knows the market and how best to sell your home. Russ is there for you at every step of the sale and quickly responds to any and all issues that may come up during the listing and sale of your home. Our home sold quickly because of his expertise and commitment to us and the sale of our home. My husband and I are so happy that Russ was our agent."
- Christie R., Quail Creek
"Great Experience! We purchased a home in Quail Creek last May – while living in Illinois. Russ was super communicative on every topic / question we had, efficient with the transaction overall and really knowledgeable about the community. Highly recommend!"
- Deb W., Quail Creek
"Russ did a great job on taking us through the process of purchasing our new home. He is an excellent Realtor who smoothly managed our purchasing requests with fellow agents. He knows what needs to be done and worked hard to keep the process on track. He also used his list of resources to schedule home and pool inspections in a timely manner. Russ also walked us through the more challenging action of acquiring the sellers solar panel loan; a potentially lengthy process. Also, Russ was easy to contact and always got back to us immediately with accurate answers to our questions. His use of technology to officially sign documents was extremely helpful. Based upon our statement of needs, Russ was able to take us to homes that we felt would work well for us. My wife and I both highly recommend Russ Fortuno as an agent for any home buyer in the Green Valley and Quail Creek area."
- Wayne D., Quail Creek
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Russ Fortuno, Associate Broker

I'm a Southern Arizona native and Quail Creek resident. Whether you’re buying or selling a home in Quail Creek, you’ll experience unsurpassed service and professionalism at all stages of your real estate transaction. I welcome the opportunity to assist in your next home sale or purchase.
Meet Russ

Tierra Antigua Realty

18745 S. I-19 Frontage Rd., Ste. A105
Green Valley, AZ 85614
(520) 333-0446
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This site is not affiliated with Robson Communities or the Quail Creek Country Club Property Owners Association.
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