Rayner Personnel Salary Landscape Report 2022/2023 - Manual / Resource - Page 20
20
05: ESTATE AGENCY
SALARY LANDSCAPE
High mortgage and interest rates have kept the housing
price atan all-time high in 2022. The market has gradually
decreased as the mortgage rate stabilised from December
to February. However, housing inventory is quite tight and
isn’t looking solvable this year, keeping the price from
dropping further. Though the mortgage rate is declining,
interest rates remain high. With inflation, recession, and
political instability to contend with, the market is quite
uncertain. Leaving economists with mixed reviews about
whether the market will crash completely. Experts are
hopeful that the market will revive with more people
buying housing.“Markets in roughly half of the country are
likely to offer potential buyers discounted prices compared
to last year,” according to Lawrence Yun, Chief Economist
at the National Association of Realtors (NAR).
WITH MORTAGE RATES
STABILIZING NEAR
6%
THE HOUSING MARKET
IS EXPECTED TO
REBOUND IN 2024
Nadia Evangelou Senior Economist and
Director of Forecasting for the NAR
2022/2023 ANNUAL REPORT
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