July 25, 2023—With some exceptions, the prices of housing have dipped modestly in 2023 in response to higher interest rates, according to Fitch Ratings.
In its midyear report, Fitch found that nominal housing prices reacted to rising interest rates with slight drops in prices in most countries under its radar. The exceptions were Australia, Denmark, Japan, Italy, Colombia, Mexico, and Spain, where prices rose.
Factors that are impacting prices include inventory, wages, labor markets, government support for homebuyers, building costs, as well as interest rates.
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