As interest rates have risen throughout 2022, home sales have seen a sharp decline. Fannie Mae has forecasted that total home sales will reach 5.64 million in 2022, an 18.1% drop from 2021; in 2023, that figure is expected to decline again to 4.47 million, a 20.7% decrease from this year.

As a result, Fannie Mae expects home prices to fall, but only by 1.5% nationwide. Other analysts expect a more dramatic drop, with Goldman Sachs suggesting that home prices may decline by 5% to 10% in the coming year. Read the full article HERE from Experian.