A new realtors survey indicates that despite reports of an upcoming recession in, perhaps, early 2023, some 68% believe that that recession most likely started this summer.
The survey, conducted by the San Francisco-based Morrison Foerster law firm, also shows that an overwhelming nearly 76% of respondents thought that the national housing market has peaked and is now in a downward phase.
In individual responses to the survey questions, respondents said they thought the upper end of the residential market has most likely either leveled off or declined, although prices are continuing to increase.
At the same time, and showing the dynamic differences between the selling and renting markets, just over 69% of respondents disagreed with the question: “Do you think that the rental housing market in the U.S. has peaked and begun a downward phase?”
In fact, just under 81% of respondents said they thought the multi-family apartment sector is still in an expansionary phase.
Respondents were similarly bullish when asked if they thought the nation’s retail cycle has made a comeback from its pandemic doldrums, with 59% saying yes. Similarly, 74% said they thought the hospitality sector had “emerged from the bottom of the cycle.”
In the area of commercial real estate, around 80% of respondents thought the market today is significantly worse than where it was a year ago; with 70% believing that things are only going to get worse in the next 12 months.
By Garry Boulard
