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No, It's Not 2008 In DC

By
Real Estate Agent with Compass | 1313 14th St NW DC 20005 Licensed in DC & VA

The 2023 DC Real Estate Market vs 2008

The 2023 DC Real Estate Market Isn't a Throwback To 2008

There's nothing like a year of drastic mortgage interest rate hikes on top of breathtaking price increases to bring back bad memories of the 2008 real estate market crash, and its subsequent fallout, which lasted half a decade or more for many in the U.S.

2022:

Year-over-year CPI peaked at 9.1% in June, and monthly readings since have steadily declined. After bottoming out at 2.65% in January of 2021, mortgage rates peaked in October 2022 at just over 7% and since have adjusted down, currently averaging in the high 5% to mid-6% range. 

It was the sudden, dramatic increases made by Fed Chair Powell that have most concerned U.S. consumers, 41% of whom say they now fear a housing crash in the next year, per a new LendingTree survey. Unrealistic, or something we should all be worried about?

“It’s a valid question,” Lawrence Yun, NAR (National Association of REALTORS®) chief economist acknowledged at the org’s Real Estate Forecast Summit in mid-December 2022: “People are remembering the crushing and painful foreclosure crisis. So, it has become a key question: Will home prices crash after the strong run-up in prices across the country over recent years?”

Okay, so will they?

See Yun's predictions and the latest DC market data on our new post "This Ain't That" at realestateinthedistrict.com

Posted by

Susan Isaacs, Realtor

The Isaacs Team LLC

Partnering With DOMO

Compass

1313 14th Street NW DC 20005

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realestateinthedistrict.com

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