Real estate data website Zillow says economists on average expect U.S. home prices to fall another 0.7% this year.But the truth is, no one really knows what is going to happen.
Perhaps reflecting the paralyzing uncertainty found in other parts of the market, Zillow found economists varied wildly in their estimates, with forecasts ranging from a 3% gain to a 4% drop-off.
“Looking at the longer history of these forecasts by top economists, the bottom in home prices always seems just around the corner but never quite here,” said Zillow Chief Economist Stan Humphries in a release.
The figure is even more bearish than Zillow’s December survey, which found a consensus decline of just 0.2% for the year.
This story was originally published by Zillow.The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.
Business Insider Emails & Alerts
Site highlights each day to your inbox.