Mortgage rates could drop to 6% by year-end, but the total count of home sales is likely to be the lowest since 2012

SANTA CLARA, Calif., June 22, 2023 /PRNewswire/ -- Mortgage rate lock-in will continue to be a major challenge for the housing market in the remainder of 2023, according to the Realtor.com^® 2023 Forecast Update. While prices have eased slightly, higher mortgage rates are hurting affordability, and many of those who already own a home are not incentivized to list. As a result, the total number of home sales (projected to be down 15.8% to 4.2 million) is likely to be at its lowest point since 2012. On the rental side, prices are expected to drop slightly on the year (-0.9%), as strong multi-family construction is improving inventory.