The U.S. housing market is defying expectations of a crash this year as limited inventory and high demand keep prices high.
That is according to Fannie Mae economists, who predicted in a revised forecast that home prices will fall at a slower rate than previously anticipated later this year.
The government-backed mortgage giant estimated that home prices will only decline by 1.2% in 2023 and 2.2% the following year – a marked improvement from February, when it predicted that prices would tumble 4.2% this year and another 2.3% in 2023.