Top Forecasters Warn Housing Market’s Days of Big Gains Are Over

They’ve been called America’s most accurate home-price forecasters, with several orb-shaped “crystal ball” awards to prove it.

Mark Zandi and Mark Fleming are among the economists that now have a stark message for homeowners: The outlook is murky at best — and likely getting worse.

Neither Zandi at Moody’s Analytics nor Fleming at First American Financial Corp. are projecting outright declines in home prices. But Zandi has cut his forecast for 2025 to a 1.8% increase, which would be the lowest gain since 2011 and would trail US inflation as President Donald Trump imposes tariffs on countries worldwide. The significant ...