Lynn North's Market Update

•    Fewer home sales in 2023 compared to 2022. Annual US home price growth to decline only modestly or stay the same as 2022
•    Inventory to stay at current levels or increase somewhat over 2022
•    Interest rates to be lowered to between 5% and 6% from 7%
•    Sellers are weighing the options of renting their homes until the market improves to sell it

Urban living, condos, and shared amenities will all be more popular in 2023

•    As affordability challenges continue, the pandemic fades, cities regain their luster and more companies begin to require employees to return to the office more regularly, condos will experience a resurgence in popularity in 2023.
•    Urban living would grow in popularity.
•    Community amenities – community centers, pools, tennis/pickleball courts, etc. – would grow in popularity was more than triple the number that said those amenities would fade in popularity.
•    Large yards would fade in popularity