Economists say housing recession has begun

The Housing Market Index, which gauges economists’ outlook on the housing market, dropped to 33 (out of 100) in November, lower than it has been since the early 2010s. Rising interest rates have contributed to the slowdown, which reduces buyer demand and lowers transaction counts. Data suggest that the market could stabilize be the end of 2023 and housing settle into a new normal: not too hot, not too cool.