Planning to buy in 2023? Forget moving to cities like Austin, Phoenix and Las Vegas where property prices could FALL in the near future - go for the Northeast and Chicago, where real estate is likely to gain in value

Real estate experts have warned homebuyers to avoid Sun Belt states where prices could fall next year - and instead focus on the Midwest and Northeast. 

With mortgage rates remaining persistently high at 6.7 percent and US home sales falling for ten months straight, Redfin chief economist Daryl Fairweather said the hot markets in Austin, Phoenix and Las Vegas would likely see prices drop in 2023. 

'If you want to avoid a situation where you buy a home, and then it goes down in value over the next couple of months, I would avoid the Sun Belt,' Fairweather told  Fox Business. 

Instead, the real estate expert said the safest investments would be in 'the Midwest and the Northeast, because those areas tend to retain their value.'

Fairweather specifically cited Lake County, Illinois; Chicago; Albany, New York; New Haven, Connecticut and Milwaukee. 

While the Sun Belt states saw a real estate boom in early 2022, falling sales have hit the region harder than most, according to the latest figures from Redfin. 

Among the most populated cities in the nation, Las Vegas, Phoenix and Austin led in pending sales decline. Sales in Vegas fell by 63.8 percent in November compared to the year before, with Phoenix falling by 58 percent and Austin by 57.7 percent. 

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