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The outlook for residential real estate in 2023

A realty sign hangs in front of a home for sale in Orlando, Fla. Housing advocates say banks, stung by the housing crisis and its fallout, remain reluctant to lend.
A realty sign hangs in front of a home for sale in Orlando.

In the world of Northeast Florida residential real estate, 2022 began with houses staying on the market for days rather than weeks or months.

Then in the summer, interest rates spiked and inflation slowed a still tight market.

Predictions for 2023 show the region’s real estate market stabilizing, said Mark Rosener, president of the Northeast Florida Association of Realtors. He expects interest rates, now about 6.5%, to settle in the mid-5% range by mid-2023. The median price should fall an additional 7% to about $350,000, he said, improving affordability.

Read the rest of this story at the Jacksonville Daily Record, a WJCT News partner.