The housing market has peaked due to high mortgage rates, and is now headed toward a cool down.
Mark Zandi, chief economist at Moody’s Analytics, used the term “housing correction” to mean that the housing boom would end and give way to a period “where home prices will fall in some regional markets”.
According to the economist, in terms of home sales, they’re falling sharply. Housing demand is coming down fast. Home price growth [will] go flat here pretty quickly; we will see price declines in a significant number of markets.