Key Points
- Annual U.S. home prices will fall next year for the first time in a decade, according to real estate brokerage Redfin.
- Median home prices are expected to drop 4% to $368,000 in 2023, according to Redfin, which cited high mortgage rates as one of the reasons for the decline.
- Redfin said it would expect a larger decline in prices, except for the fact there is a shortage of homes for sale.
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