A month shy of the year’s half way marker, Zillow has given its 2023 market outlook an update. The company now expects existing home sales to fall by 13 percent compared to 2023, while Zillow now anticipates home values will grow 3.9 percent in 2023—a significant increase from last month’s forecast.
Zillow now expects the U.S. will see 4.36 million existing home sales in 2023. Previously, Zillow analysts forecasted 4.33 million home sales for this year.
Zillow’s long-term expectation for mortgage rates has also been revised downward, which would improve housing affordability for prospective home buyers.