What can you expect from the rest of the 2022 real estate market?
Many of the top economists have just gotten together and released their findings as to what we’re going to see for the rest of the year. Many of them believe it will be governed by three distinct facts.
- Home Price Appreciation to Continue
When looking at all of the economists and all of the experts when it comes to pricing prediction, the average increase nationwide that we are expected to see is home price appreciation of an additional 10 percent. So, home prices will continue to rise
- Moderate Interest Rates
Interest rates will be dictated by inflation. The higher the inflation, the higher the interest rates we will see. But the core inflation numbers that just came out have shown us that inflation may be slowing down. Thus, if that continues to be the case, we will see mortgage interest rates moderate and hold steady throughout the remainder of the year.
- Lower Home Sales
Finally it’s no surprise, but as interest rates have risen, that has affected affordability for some. The forecast for total number of sales nationwide has been decreased.
Originally, we were expected to see 6.9 million homes sell, but now, expect we will see 6 million homes sell for the entire 2022 year.