“This recent low point in home sales activity is likely over,” said Lawrence Yun, NAR’s Chief Economist. “Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market.”

Both raw profits and return on investment have improved nationwide for 11 straight years, shooting up again in 2022 as the national median home price increased 10% to $330,000—another annual record.

The blueprint lays out ways to drive action by the federal, state, and local governments.

Housing market potential increased in November-December 2022 but remains lower than it was in December 2021.

"In our view, the balance still suggests a modest recession, particularly if the Federal Reserve maintains its focus on labor market tightness,” said Doug Duncan, SVP and Chief Economist for Fannie Mae.

The share of homes that sold above their list price also fell to levels last seen in June 2020.

“This proposed rule is a major step towards fulfilling the law's full promise and advancing our legal, ethical, and moral charge to provide equitable access to opportunity for all,” said Marcia L. Fudge, Secretary of Housing and Urban Development.

“Renting is more affordable in the majority of markets, despite rental rates continuing to rise over the past year,” said Rick Sharga, EVP of Market Intelligence for ATTOM.

All of the top-10 ranked cities for first-time buyers had ample inventory, short commutes, and more restaurants than average.

Fannie Mae’s latest Home Price Index has found that the tension between the reduced supply of homes available for sale and lower mortgage demand will impact home prices in 2023.