{"id":145693,"date":"2022-11-19T09:39:00","date_gmt":"2022-11-19T16:39:00","guid":{"rendered":"https:\/\/www.biggerpockets.com\/blog\/?p=145693"},"modified":"2024-01-08T07:06:49","modified_gmt":"2024-01-08T14:06:49","slug":"nar-economist-housing-prices-rise","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/nar-economist-housing-prices-rise","title":{"rendered":"NAR Economist Thinks Housing Prices Could Rise In 2023\u2014Is That Possible?"},"content":{"rendered":"\n\n      <iframe loading=\"lazy\" frameborder=\"0\" height=\"200\" scrolling=\"no\" src=\"https:\/\/playlist.megaphone.fm?e=BIGPOC6576201782&#038;light=false\" width=\"100%\"><\/iframe>  \n\n\n\n\n<p><span data-preserver-spaces=\"true\">Most economists agree: Housing prices are expected to fall, nearing a bottom sometime between 2024 and 2025 before rebounding. That\u2019s the opinion of analysts at&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.goldmansachs.com\/insights\/pages\/why-home-prices-are-poised-to-fall.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Goldman Sachs<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/wellsfargo.bluematrix.com\/links2\/html\/429eb828-b17e-4e47-8856-4ff59f9d3d1a\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wells Fargo<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.yahoo.com\/video\/moody-home-prices-crash-20-142931780.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Moody\u2019s Analytics<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.marketwatch.com\/story\/house-prices-will-fall-in-2023-but-affordability-will-be-at-its-worst-since-1985-says-capital-economics-11668530061\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Capital Economics<\/span><\/a><span data-preserver-spaces=\"true\">, The&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bankrate.com\/real-estate\/is-the-housing-market-about-to-crash\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">National Association of Home Builders<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.yahoo.com\/video\/kpmg-pandemic-housing-bubble-bursting-223322306.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">KPMG<\/span><\/a><span data-preserver-spaces=\"true\">, and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fortune.com\/2022\/08\/17\/home-price-decline-prediction-fitch-ratings-housing-market\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Fitch Ratings<\/span><\/a><span data-preserver-spaces=\"true\">. But some economists, including National Association of Realtors Chief Economist&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/newsroom\/nars-lawrence-yun-predicts-us-home-prices-wont-experience-major-decline-could-possibly-rise-slightly\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Lawrence Yun<\/span><\/a><span data-preserver-spaces=\"true\">, believe decelerated growth is more likely, and that national aggregate housing prices may even rise by 1% in 2023. Yun also expects price growth to rebound in 2024, with a 5% increase in the median home price across the United States. Is it possible that most predictions missed the mark and Yun\u2019s is accurate?<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Support for Yun\u2019s Claim<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Inventory is still down from 2019&nbsp;<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">While the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fred.stlouisfed.org\/series\/ACTLISCOUUS\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">number of active listings<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;has increased throughout 2022, it was still down about 38% in October relative to three years prior.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/october-2022-market-report-preview-31647\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Zillow data<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;also shows that new listings are down almost 24% from last year, as homeowners with low-interest fixed mortgages have little incentive to sell.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Furthermore, the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/knowledge.wharton.upenn.edu\/article\/when-will-housing-prices-fall\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">construction industry<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is facing headwinds. Construction firms are being cautious about new housing starts due to fears of declining demand as mortgage rates climb. Ongoing supply chain issues mean higher construction costs that further impact affordability.&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.census.gov\/construction\/nrc\/pdf\/newresconst.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">New housing starts are down<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;both month-over-month and year-over-year. Builder confidence&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nahb.org\/news-and-economics\/press-releases\/2022\/10\/builder-confidence-down-ten-straight-months-as-housing-market-continues-to-weaken\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">continues to fall<\/span><\/a><span data-preserver-spaces=\"true\">. All of that will contribute to constrained inventory. Meanwhile, a large share of&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nar.realtor\/newsroom\/nar-report-shows-share-of-millennial-home-buyers-continues-to-rise\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">millennial homebuyers<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;is driving demand.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">But remember, the housing market shift is still in its infancy. Most economists don\u2019t expect prices to hit their bottom until 2024 or 2025. The Fed raised the federal funds rate quickly, we have yet to see the full impact of those decisions, but most signs point to an improved balance between supply and demand in the housing market. The median number of days a house remains on the market is&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fred.stlouisfed.org\/series\/MEDDAYONMARUS\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increasing<\/span><\/a><span data-preserver-spaces=\"true\">. Mortgage purchase applications are down&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/2022\/10\/26\/mortgage-demand-from-homebuyers-is-nearly-half-what-it-was-in-2021.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">42% year-over-year<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;\u2014 the demand for mortgages hasn\u2019t dropped this low since 1997. And July marked the most rapid home price deceleration in the history of the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/us-housing-market-fastest-home-price-deceleration-recorded-in-july-72296489\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">S&amp;P Case-Shiller Index<\/span><\/a><span data-preserver-spaces=\"true\">.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Rate hikes are slowing<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">One of Yun\u2019s conditions for his predicted aggregate increase in home prices over 2023 is for mortgage rates to stay around 7% or come down. Federal Reserve Vice Chair Lael Brainard has signaled the central bank will start&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2022\/11\/14\/economy\/fed-vice-chair-brainard-inflation\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">decreasing the pace<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;of its rate hikes to react to a slowing annual inflation rate. But Fed Governor Christopher Waller said they have a ways to go to hit their target. Mortgage rates have already receded from their recent highs but <\/span>are still in the 6%-7% range, keeping Yun&#8217;s forecast in line.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Unemployment is still low<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Housing prices tend to go up except during periods of rising unemployment. The Great Recession was an exception, but current conditions aren\u2019t mirroring that downturn. Lisa Shalett, Chief Investment Officer at Morgan Stanley,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.morganstanley.com\/ideas\/recession-2022-potential-how-bad\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that an inflation-driven recession will be less severe than the credit-driven recession of 2007-2008. That\u2019s in part because of the high demand for houses and cars amid low supply, along with a record-high ratio of job openings to job seekers. Furthermore, many Americans built savings and equity during the pandemic that are providing a cushion. That means there\u2019s a chance families can weather rising unemployment and stay in their homes. If that\u2019s how this recession plays out, Yun\u2019s prediction could come to pass.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Why Housing Prices Are Still Likely to Fall<\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Most expect prices to fall<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Most economists&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.zillow.com\/research\/zhpe-q3-2022-buyers-market-31481\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">surveyed by Zillow<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;think the market will shift into the hands of the buyer, even if they don\u2019t foresee falling prices across the board. If buyers find themselves fighting less competition, demand might remain elevated to some degree. But the average American\u2019s sentiment isn\u2019t aligned with Yun\u2019s optimism.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">Only 16% of Americans believe it\u2019s a good time to buy, the lowest reported percentage in the 11-year history of the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.fanniemae.com\/research-and-insights\/surveys-indices\/national-housing-survey\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Fannie Mae Home Purchase Sentiment Index<\/span><\/a><span data-preserver-spaces=\"true\">. Research&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/fortune.com\/2022\/09\/23\/fundamental-reason-house-prices-fall-real-estate-john-wake\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">suggests<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that when people expect prices to fall, they\u2019re less likely to buy and more likely to wait until the market presents better deals. Their expectations, therefore, mitigate the demand for homes. Those who need to relocate are also less likely to pay current market values and more likely to try lowball offers.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s also true that if people expect steep declines, they\u2019re more likely to sell while prices remain elevated, which increases the supply of homes. But since most economists don\u2019t predict a crash, with prices falling below pre-pandemic values and most homeowners have locked in low-interest rates, an increase in selling behavior is less likely.&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Some, but not all, signs point to an upcoming recession<\/span><\/h3>\n\n\n\n<p><span data-preserver-spaces=\"true\">Surveys from the&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.wsj.com\/articles\/economists-now-expect-a-recession-job-losses-by-next-year-11665859869\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Wall Street Journal<\/span><\/a><span data-preserver-spaces=\"true\">,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bankrate.com\/banking\/federal-reserve\/economic-indicator-survey-recession-risks-october-2022\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Bankrate<\/span><\/a><span data-preserver-spaces=\"true\">, and&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2022\/08\/22\/economy\/nabe-economists-recession-inflation\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">The National Association of Business Economics<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;all show that most economists predict a recession in 2023 or 2024. The National Bureau of Economic Research (NBER) measures several factors to determine if an economic slowdown qualifies as a recession. There\u2019s no specific rule about what conditions or thresholds need to be met, but the bureau generally looks for the following:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><span data-preserver-spaces=\"true\">Declining real personal income: <\/span><\/strong><span data-preserver-spaces=\"true\">Real average earnings&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/news.release\/realer.nr0.htm\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">declined 1.9%<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;year-over-year as of November.<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Rising unemployment: <\/span><\/strong><span data-preserver-spaces=\"true\">The unemployment rate remained stable but rose<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">&nbsp;slightly<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in October. In November, it remained at 3.7%. If it continues to rise, we\u2019re more likely to see a greater supply of homes and falling prices.&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">A decrease in consumption and retail sales: <\/span><\/strong><span data-preserver-spaces=\"true\">Personal consumption expenditures are&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bea.gov\/news\/2022\/personal-income-and-outlays-september-2022\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">still increasing<\/span><\/a><span data-preserver-spaces=\"true\">, while retail sales&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/markets\/us\/us-retail-sales-unexpectedly-flat-september-2022-10-14\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">remained flat<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in October, following a month-over-month and year-over-year increase in September. Some&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.nytimes.com\/2022\/08\/08\/business\/economy\/inflation-jobs-economy.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">speculate<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;that wealthier white-collar workers who socked away savings during the pandemic are fueling the economy while low-income Americans struggle to meet their basic needs.&nbsp;<\/span><\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">A slump in productivity: <\/span><\/strong><span data-preserver-spaces=\"true\">Labor productivity saw a record-breaking decline in the first two quarters of 2022, which&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.hks.harvard.edu\/centers\/mrcbg\/programs\/growthpolicy\/record-us-productivity-slump-first-half-2022-risks-higher\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experts say<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;signals higher unemployment and inflation since the data suggest higher compensation must come from higher prices<\/span>.<\/li>\n\n\n\n<li><strong><span data-preserver-spaces=\"true\">Prolonged negative GDP growth: <\/span><\/strong><span data-preserver-spaces=\"true\">Gross domestic product, along with real disposable personal income,&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bea.gov\/news\/blog\/2022-10-27\/gross-domestic-product-third-quarter-2022-advance-estimate\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">increased<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;in the third quarter after declining the previous two quarters. An increase in spending on services offset a decrease in goods, and exports exceeded imports, but&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.kiplinger.com\/economic-forecasts\/gdp\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experts say<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;the growth isn\u2019t sustainable.&nbsp;<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Unpredictable Factors Influencing the Housing Market<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Factors that could raise housing prices<\/strong><\/td><td><strong>Factors that could cause housing prices to fall<\/strong><\/td><\/tr><tr><td>&#8211; A decrease in mortgage rates<br \/>&#8211; Decreasing inflation\/increasing real personal income<br \/>&#8211; Sustained job availability<\/td><td>&#8211; An increase in mortgage rates<br \/>&#8211; Expectations of lower prices in the future and recession fears<br \/>&#8211; Rising unemployment<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><span data-preserver-spaces=\"true\">Yun&#8217;s estimate could be accurate if we manage to avoid a recession and rising unemployment. But the fear of a recession alone could be enough to cause housing prices to fall. Most economists, along with most Americans, believe a recession is on its way. With so many undetermined factors, it\u2019s impossible to say with certainty what will happen to home prices on a national level. Investors will be best-served honing in on an individual market, where tracking trends may allow for more accurate estimates.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">It\u2019s important to note that even Yun expects some markets to see price declines. While he predicts a 1% increase in prices nationally, he notes that prices in California are already starting to come down. The markets that have experienced the most rapid price appreciation over the past two years are most likely to return to equilibrium. The&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.corelogic.com\/intelligence\/u-s-home-price-insights-november-2022\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CoreLogic forecast<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;for 2023 is consistent with Yun\u2019s claim and notes that overvalued home prices in the West and Northeast may be encouraging migration to more affordable Southeastern states, which are outpacing the rest of the nation with price gains.&nbsp;<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\">The good news is most experts aren\u2019t expecting housing prices to crash like they did during the Great Recession. Subprime mortgages aren\u2019t threatening financial stability this time around. But a housing correction of up to 15% is still a strong possibility. For Yun\u2019s prediction to hold true, several unpredictable factors need to fall in favor of a stable economy.&nbsp;<\/span><\/p>\n\n\n\n    \n  <div id=\"visibility-group-block_8bad3add92ba1e26724530a2f0814dec\" class=\"visibility-group alignwide  hidden\">\n        \n\n<div id=\"hero-block_3bb4f5d893ac4c9fa2c03bbd1380d6cc\" class=\"first:mt-0 hero-block py-4  alignwide   has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n    <div\n        class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 lg:w-1\/2 \">\n            <main class=\"py-4\">\n                \n\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find the Right Agent, Close the Best Deal<\/p>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Step #1: Use Agent Finder to match with top <em><strong>investor-friendly<\/strong><\/em> real estate agents to help you find, analyze, and close your next deal.<\/p>\n\n\n\n<div id=button-custom-event-block_4d1501f64a1787dece117eb7611e7c91 class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/agent\/match\" x-on:click=\"window.analytics.track(&#039;Blog Block | B2C Marketplace Agent Finder&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/nar-economist-housing-prices-rise&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Find an Agent<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n                <div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n            <img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2021\/08\/Marketplace-Blog-Blocks-Agent-v3.png\" alt=\"investor friendly real estate agent\" title=\"\">\n        <\/div>\n            <\/div>\n<\/div>\n\n  <\/div>\n  \n\n\n<div class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n    \n  <div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n        \n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n    <div\n        class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n\n        <div class=\"relative z-30 w-full \">\n            <main class=\"py-4\">\n                \n\n<h3 class=\"wp-block-heading my-0 tracking-tight font-extrabold has-theme-slate-dark-color has-text-color has-large-font-size\">Join the community<\/h3>\n\n\n\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n\n\n\n<div id=button-custom-event-block_64dd2888dba9e class='button-custom-event'>\n      <a href=\"https:\/\/www.biggerpockets.com\/signup\" x-on:click=\"window.analytics.track(&#039;Blog Block | Acquisition | Free Membership Signup&#039;, {\n      referrer: &#039;https:\/\/www.biggerpockets.com\/blog\/nar-economist-housing-prices-rise&#039;,\n    });\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\">Sign Up<\/a>\n  <\/div>\n\n            <\/main>\n        <\/div>\n\n            <\/div>\n<\/div>\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n  <\/div>\n  <\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Most economists agree: Housing prices are expected to fall, nearing a bottom sometime between 2024 and 2025 before rebounding. That\u2019s the opinion of analysts at&nbsp;Goldman Sachs,&nbsp;Wells Fargo,&nbsp;Moody\u2019s Analytics,&nbsp;Capital Economics, The&nbsp;National [&hellip;]<\/p>\n","protected":false},"author":613615,"featured_media":145694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7381,7119],"tags":[],"class_list":["post-145693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-prices","category-biggerpockets-daily"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/145693","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/613615"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=145693"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/145693\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/145694"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=145693"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=145693"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=145693"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}