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Published: Feb 16, 2023 4 min read
Phoenix skyline at sunset
Phoenix, Arizona
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Home prices are predicted to fall by at least 5% nationwide this year, with some cities seeing declines of as much as 18%, according to a new study from the University of California San Diego.

The study's findings are in line with other data showing home prices have already started to fall in several cities across the country. Many housing experts are also forecasting more price cuts at least through the first part of 2023, if not longer.

If the predicted price drops come true, it could help ease the housing affordability crisis faced by many potential buyers that arose as a result of high mortgage rates, high demand and a shrinking inventory of homes for sale.

What the research says