What Can Home Buyers Expect in 2022?
Benjamin Thompson Kirk
WHAT CAN HOME BUYERS EXPECT IN 2022? Property market analysts predict that mortgage rate increases will trigger home price moderation in 2022, although many warn that low inventory could continue to be a problem.
dict that 2022 will present slightly better opportunities for buyers seeking to snag their dream home, experts caution that the housing market will continue to tilt towards sellers in the months ahead.
While 2021 was a great year for sellers, those trying to get onto the housing ladder were not so fortunate. Home prices rose sharply as the number of homes for sale declined. Although forecasters pre-
In June 2021, the national median home price hit an all-time high at $362,800, according to statistics from the National Association of Realtors. Year-onyear home price increases hit 25.9% in Tampa in
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Limited supply and low mortgage rates sparked a surge in house prices, with Redfin reporting just 1.38 million homes for sale across the US in June 2021, representing a 23% decrease in inventory compared with June 2020.
2021, while in San Diego they rose by 26.2%. Meanwhile in Phoenix, home prices shot up by an astronomical 33.3% compared with the previous year. Limited supply and low mortgage rates sparked a surge in house prices, with Redfin reporting just 1.38 million homes for sale across the US in June 2021, representing a 23% decrease in inventory compared with June 2020.
Although many realtors predict that the US property market will slow somewhat in 2022, senior economic analyst Jacob Channel predicts that home prices will increase by around 5% on average in 2022.
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