U.S. home prices are expected to decline modestly this year.

U.S. analysts polled by media company Reuters say the decline is due to a drop in demand despite expectations of rising interest rates.

The Federal Reserve is expected to raise rates at least two more times this year after already increasing rates by 450 basis points from near zero in just a year.

The poll forecasts the average home price, based on the Case/Shiller index, will fall 4.5 percent in 2023, followed by no increase in 2024.

That is slightly less than the 5.6 percent fall predicted three months ago.

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Edited by Jesus Chan

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