How home prices are expected to shift in over 300 housing markets, according to updated forecasts from Zillow and Moody’s
The latest housing forecast produced by Zillow economists has U.S. home values falling just 1.1% between November 2022 and November 2023
Moody's Analytics has national home prices falling 5.1% between the fourth quarter of 2022 and the fourth quarter of 2023
Among the 897 markets Zillow measured, it expects 658 markets to see falling home prices between November 2022 and November 2023. That includes markets like San Jose (-7.2% projection); Grand Forks, N.D. (-6.7%); Odessa, Texas (-6.4%); San Francisco (-6.1%); and Santa Rosa, Calif. (-5.3%)
Zillow expects 239 markets to see positive or flat home price growth between November 2022 and November 2023. That includes markets like Atlantic City, N.J. (+4.2% projection); Homosassa Springs, Fla. (+4.2%), and Yuma, Ariz. (+3.7%)
Among the 322 regional housing markets analyzed by Moody's, 178 markets are expected to see at least a 5% decline in home prices between the fourth quarter of 2022 and the fourth quarter of 2023. That includes markets like Morristown, Tenn. (-10.3% projection), Pocatello, Idaho (-9.9%), Muskegon, Mich. (-9.7%); Boise (-9.5%), and Santa Cruz, Calif. (-8.8%)
Moody’s believes markets like Baltimore (-2.3% projection) and Chicago (-2.6% projection) will fare better