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Is the housing market really crashing? Redfin’s chief economist shares her prediction

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There's been a lot of speculation about what's going on with the housing market. 

The Escape Home's Danielle Hyams checks in with Redfin chief economist Daryl Fairweather to get a pulse on the situation. 

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What is the effect of higher interest rates on prices and demand?  

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Interest rates have really cut into demand. The median monthly mortgage payment on a home is almost 40% higher than what it was a year ago. 

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That just really cuts into buyer's budgets, it's why we've seen a slow down in prices, demand and sales. 

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Predictions for the next six months? Is the housing market really going to crash?  

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The housing market will suffer if inflation continues to rise, or if the Fed can back off when it comes to interest rate increases.  

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If we have a severe recession, then I think the housing market could see prices decline by 5% over the next five years. 

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It will be kind of a wash if there is no recession. 

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