House Prices Poised to Decline Globally This Year Before Stabilizing in 2024

Home prices in Germany and New Zealand are expected to fall this year due to higher interest rates before rising slightly next year.
In the US, home prices will decline less than expected this year and remain flat in 2024 despite higher mortgage rates.
The tight supply of homes in the US is limiting price declines there while higher rates are curbing demand.
New Zealand's housing market is close to hitting bottom, and prices are forecast to start rising again next year as interest rates stabilize.
Purchasing affordability is expected to improve somewhat globally over the next year, though higher borrowing costs remain an obstacle.