A 'new era' in the housing market is about to begin as affordability finally improves 'for the first time in a bunch of years,' economist says

(Credit: Kirk Sides—Houston Chronicle via Getty Images)

Next year should mark a shift in the housing market after years of largely being frozen in place, according to Mike Simonsen, chief economist at top residential real estate brokerage Compass.

Home sales flatlined amid unaffordable conditions after rising demand collided with tepid supply growth, pushing up home prices. Would-be buyers became so discouraged that demand cooled and remains slow.