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Why Homes in These Trendy Areas Will Be More Expensive Than Ever in 2023

Why Homes in These Trendy Areas Will Be More Expensive Than Ever in 2023

High mortgage rates have slowed down the housing market considerably, with Redfin predicting that the median U.S. home price could drop by close to 4% in 2023, posting the first year-over-year decline in a decade. Home prices in Malibu, California surged by 82% from the first quarter of 2021 to 2022. Climate-risky areas like the hills of California and oceanfront property in Florida will see prices continue to go up primarily due to high insurance costs.