The most popular pandemic-driven housing markets like Phoenix, Denver, and Austin, Texas, have been experiencing cooldowns. With falling home prices and sales, surging mortgage rates have only exasperated the markets that were already experiencing declines.
"It really has been fast and furious," economist Ivy Zelman said of the market whiplash, in a recent interview with investment advisory firm Oxbow Advisors.
The US housing market has yet to scrape the bottom, Zelman told Oxbow. The decline in home sales could continue through the first half of 2023, with transactions down another 20%, she said.
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