Housing market sees reversal with falling home prices and rents.

Realtor.com has revised its previous housing market predictions and now expects a dip in home prices and rents. The company predicts a 0.6% drop in average home list prices and a 0.9% dip in rents this year, reversing its earlier forecast for a 5.4% year-over-year rise in 2023 and a 6.3% rise in rents. However, the downgraded outlook does not signal a major wave of relief as home costs are still expected to be higher for buyers in 2023 due to mild and not universal home price declines.