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"The Latest Real Estate Price Outlook

Updated: Oct 17, 2023

From last year to earlier this year, there were discussions about a significant drop in home prices within this year. Some even predicted a decrease of up to nearly 20% in the worst-hit areas. However, what is the situation now? Home prices are still on the rise. Today, we present the home price forecasts for the next 12 months as projected by experts.

As you can see from the graph above, with one exception, all major real estate-related institutions have forecasted an increase. In particular, the "HPES" in the graph represents the Home Price Expectation Survey conducted by Pulsenomics, which collected opinions from 100 economists, investment experts, and real estate analysts. This means that not only professionals in the real estate industry but also other economic experts are anticipating that home prices will continue to rise.

Although one source predicts a slight decrease (-0.4%), the average of all forecasts suggests that home prices will increase by 3.3% next year. So, why do home prices keep rising? To understand this, it is necessary to revisit the law of supply and demand, which is taught at the beginning of economics classes. The price of any good is determined where supply and demand intersect. Currently, there are far more people looking to buy homes than there are homes available. This situation is expected to continue for the foreseeable future. Naturally, this leads to an increase in home prices. We will continue to provide more informative articles in the future."

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