Home prices are expected to increase by 2.2% over the next 12 months according to the 2023 Q3 VeroFORECAST, a report released by Veros Real Estate Solutions, a software company.
How is the housing market faring in Q3 2023?
According to the report, nine out of the 10 strongest performing markets had median sale prices that were under $350,000 for existing homes. This was below the national median. The market performing the best was Rochester, NY which was projected to appreciate by 6.4%.
By contrast, the worst performing cities were in California, Idaho, Texas, Utah, and Washington where it was forecast that the range of their depreciation was from -2% to -4%. The median housing prices were either at or above $500,000 in Utah, Boise, and Austin. They were even higher in Seattle, San Francisco, and Santa Rosa.
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