Press release
Realtor.com® 2022 Forecast Update: Real Estate Gets a Refresh from the Frenzy
Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%)
About this update from News Corporation
[{"type":"text","content":"Active listings will grow 15.0% year-over-year as the inventory recovery accelerates in 2H 2022; higher home sales prices (+6.6%) and mortgage rates (to 5.5%) add to affordability issues \nSANTA CLARA, Calif., June 13, 2022 /PRNewswire/ -- As rising inflation and mortgage rates bring U.S. housing demand back from the 2021 frenzy, Realtor.com®'s newly-updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better-than-expected chance to find a home. Home sales will hit the second-highest level in 15 years, trailing only the 2021 pace, as rising incomes combined with higher housing costs continue to present a mixed bag of affordability issues.\nThe updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15.0% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall.\n\"Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly. As Americans grapple with higher prices for everyday expenses while today's buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market,\" said Danielle Hale, Chief Economist for Realtor.com®. \"Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home – for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller's market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you're set up with a strong financial footing whenever you're ready to move forward.\"\nRealtor.com® 2022 Housing Forecast – Mid-Year Update\nMetric (National full-year projections)\n2022 Forecast – Updated\n2022 Forecast – Original \nMortgage Rates\nto 5.5% (average: 5.0%)\n3.6% (average: 3.3%)\nExisting Home Sales\n-6.7%\n+6.6%\nExisting Home Median Sales Price \n+6.6%\n+2.9%\nExisting Home For-Sale Inventory\n+15.0%\n+0.3%\nSi...