What could happen to the US housing market in 2023?
The US housing market is currently in a vulnerable state due to the economic impacts of the COVID-19 pandemic. According to an interview with a mortgage professional, 2020 and 2021 were "anomaly years" with unique opportunities for those who knew how to take advantage of them, with a mix of purchases and refinances. In 2022, the focus shifted towards purchases due to increasing interest rates and the mortgage professional reported that it was a successful year for her business. It is difficult to predict the future of the housing market in 2023 due to ongoing economic fluctuations caused by COVID-19 restrictions and the impact on consumer confidence. However, there are promising signs of a return to pre-COVID levels in certain economies, and government policies may help cushion any potential declines in real estate markets.