2023’s Housing Correction Could Be The Largest Since Post-WWII

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If you have been waiting for prices to drop to buy a house, 2023 could be your year. However, the fall in housing prices doesn’t bode as well for current homeowners — or the overall U.S. economy.

Housing prices in October 2022 were 38.1% higher than they were at the start of the pandemic in March 2020, based on Fortune’s figures. However, they started to fall in November 2022, with prices down 2.4% from the peak in June 2022, according to the Case-Schiller National Home Price Index. Experts are predicting another 10% to 15% drop by the second or third quarter of 2023, according to multiple sources.

Several other factors point to a further home price correction. U.S. home construction fell for the third straight month in November, Reuters reported. Single-family housing starts fell by 4.1% in last fall, according to a Commerce Department report.

Additionally, institutional homebuyer YieldStreet reduced buying levels by 90%, while Blackstone-owned Home Partners of America also slowed their purchases. “We’re pretty much on pause across all [home buying] strategies,” Tejas Joshi of Yieldstreet told Fortune.

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