Mortgage rates and home prices will stabilize during the rest of the year, predicts Realtor.com.
But buyer demand will ebb over the summer and the number of houses on the market will swell 15 percent compared to last year, the report says.
“The 2022 housing market will continue to be a seller’s market with fast-moving homes and rising prices,” says Realtor.com Chief Economist Danielle Hale. “But the competition should be a bit less intense than we’ve seen recently.”
Housing Market Predictions 2022 – Metro Area Breakdown
|Metro||2022 Sales Growth % y/y||2022 Price Growth % y/y|
|Washington-Arlington-Alexandria, DC-Va.-Md.-W. Va.||5.6%||3.8%|
|Virginia Beach-Norfolk-Newport News, Va.-N.C.||11.8%||2.7%|
“For years, we heard about the dying suburbs because millennials didn’t want to live there, but as they age, guess where they’re heading?” asks Hale.
Some were even moving to the burbs before the pandemic.
“This budding trend was accelerated by the needs of aging millennials, often with families, trying to grapple head-on with the realities of doing more than ever before from home,” says Hale.
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