September 20, 2022
According to the Federal Reserve Bank of New York, median home price expectations have declined by 1.4 percentage points, now below pre-pandemic levels.
This may be great news for first-time homebuyers, as noted by Fannie Mae. According to their Home Purchase Sentiment Index, decreasing home prices, in combination with the sentiment that mortgage rates will continue to go down over the next 12 months, means that those interested in purchasing their first home should keep an eye on the market for improving buying conditions.
You can find both the Federal Reserve Bank of New York and Fannie Mae articles here for your convenience.