Housing recession predicted for Myrtle Beach in 2023

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David Huckshttps://myrtlebeachsc.com
David Hucks is a 12th generation descendant of the area we now call Myrtle Beach, S.C. David attended Coastal Carolina University and like most of his family, has never left the area. David is the lead journalist at MyrtleBeachSC.com

The mortgage group Fannie Mae is predicting a housing recession in 2023. The Myrtle Beach real estate housing recession is expected for the entire Myrtle Beach area.

A recent report released by Fannie Mae states: In the near term, we expect modest economic growth over the second half of the year as large swings in net exports that previously dragged in the first half should boost GDP over the latter part of the year. However, in light of expected continuing tightening of monetary policy and global economic weakness, we expect a further slowing in housing activity and sluggish consumer spending and business investment growth. We continue to expect a moderate recession to occur in 2023 along with a weakening of the labor market.

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Fannie Mae is the leading source of mortgage financing in the United States. They help make affordable housing accessible to homeowners, homebuyers, and renters across the country and achieve this with the help of bank associated housing partners.

INSTITUTIONAL BUYERS

Institutional buyers have buoyed the current Myrtle Beach real estate market. As of October, it remains a seller’s market.

However, once developers finish projects in the works, new home building is expected to slow significantly in 2023.

High interest rates, coupled with an anticipated mild recession will create an expected buyer’s market in 2023.

As MyrtleBeachSC news reported, on Friday, October 28th, home sales were down nationally 31% in 2022 over the same period in 2021.

While northern residents continue to migrate south in 2022, that trend is also expected to cool in 2023.

For the past 5 years, Horry County has grown at 24% annually, making it the fastest growing county in S.C.

The Myrtle Beach Real Estate industry is the area’s largest employer accounting annually for $38 billion in sales. Tourism is the area’s second leading industry at $3 billion in sales annually.

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