Press release
Realtor.com® 2022 Housing Forecast Reveals A Whirlwind Year Ahead for Buyers, Especially First-Timers
-- 2022 will be very competitive as home sales hit a 16-year high and trends like workplace flexibility enable more homebuyer success -- The 2022 for-sale
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[{"type":"text","content":"-- 2022 will be very competitive as home sales hit a 16-year high and trends like workplace flexibility enable more homebuyer success\n -- The 2022 for-sale home supply (+0.3%) will begin to recover from recent declines, but millennial demand will likely keep supply limited through at least 2025\n -- Affordability issues become increasingly complex in 2022 as mortgage rates climb to 3.6%, listing prices rise to new record-highs (+2.9%) and rents surge (+7.1%), while incomes increase by 3.3%\n\n\nSANTA CLARA, Calif., Dec. 1, 2021 /PRNewswire/ -- Americans will have a better chance to find a home in 2022, but will face a competitive seller's market as first-time buyer demand outmatches the inventory recovery, according to the Realtor.com® 2022 Housing Forecast. Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities.\n\n \n \n \n \n \n \n\n \n\"Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022. With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth at a more sustainable pace than in 2021,\" said Realtor.com® Chief Economist Danielle Hale. \"Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.\"\nRealtor.com® forecasts strong 2022 home sales and competition, as first-time buyers overwhelm recovering inventory levels \nRealtor.com® forecasts 2022 home sales (+6.6% year-over-year) will hit their highest level in 16 years as buyers remain active and for-sale inventory begins to recover from recent steep declines. 2022 buyers will face a competitive seller's market, with record-high listing prices, fast-paced sales and limited for-sale home options as existing-home listings continue to lag behind pre-COVID levels. The new construction supply gap of 5.2 million new homes may shrink somewhat in 2022 as builders continue to ramp up production ...