US ‘housing recession’ could send prices 20% lower

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US ‘housing recession’ could send prices 20% lower by mid-2023 Ian Shepherdson, the chief economist at Pantheon Macroeconomics, said his firm’s estimates suggest home prices have already declined by about 5% from their May peak. His projections showed seasonally adjusted existing-home sale prices sank by 0.7% in August and have now declined for three straight months. “The very low level of inventory means that a headlong collapse in prices is unlikely, but we still expect a total decline of up to 20% by the middle of next year,” “Housing, in short, is in recession, and everything connected to housing either is in recession now or soon will be,” Shepherdson added. Shepherdson acknowledged the housing market was not struggling to the extent of its implosion during the Great Recession, though current conditions are also “not good.”

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