2022 Real Estate Expectations
Existing-home sales ended 2021 on a high note as home buyers rushed to buy a home to take advantage of ultra-low mortgage rates. Overall, sales were up 8.5% in 2021 compared to 2020, the National Association of Realtors® reported yesterday.
Lawrence Yun, NAR’s chief economist expects existing-home sales to slow slightly in the coming months as mortgage rates rise. However, he notes that recent employment gains and stricter underwriting standards will protect home sales and that housing is “in no danger of crashing.” Yun forecasts mortgage rates to remain below 4% by the end of 2022 and wages to hold firm.
“This year consumers should prepare to endure some increases in mortgage rates,” Yun says. “I also expect home prices to grow more moderately by 3% to 5% in 2022, and then similarly in 2023 as more supply reaches the market.”
Source: National Association of Realtors, magazine.realtor.
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