Zillow researchers continue to see the light at the end of the proverbial tunnel, once again revising annual projections upward.
In the face of tighter inventory, Zillow forecasts the national Zillow Home Value Index (ZHVI) to end 2023 5 percent above where it began the year. That’s an increased revision from last month’s forecast, which called for 3.9 percent growth in 2023.
Typical home values are predicted to rise 5.8 percent from May 2023-May 2024.
Zillow’s forecast for existing home sales this year was revised downward, however. Zillow now expects 4.2 million national home sales in 2023, down slightly from last month’s projection of 4.4 million, which would represent a 17 percent decline from 2022.