The housing market outlook is bleak next year and is expected to recover in 2024-2022. Fannie Mae’s Economic and Strategic Research (ESR) team expects single-family home sales to reach 5.67 million in 2022, decline to 4.42 million in 2023, and then increase to 5.25 million in 2024. The latest forecasts also suggest that total mortgage origination activity will increase slightly to $2.34 trillion in 2022.