Buying a home right now may feel like a pipe dream for many Americans — but good news could be on the horizon come spring 2023.

However, it comes at the expense of bad news for the economy overall. As economic volatility further seeps into the US real estate market, housing activity is fading fast. That’s because inflation and interest rate hikes have dampened affordability for many would-be shoppers, leading to a steady decline in buyer demand.

The downturn has led to a decrease in home sales and ultimately home prices.

Ian Shepherdson, the chief economist at research consultancy Pantheon Macroeconomics says “the plunging trend in sales has further to go.”

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