HOUSING MARKET FORECAST FOR THE REST OF 2022

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The housing market is shifting away from the intensity of the past two years. Here’s what experts project for the remainder of 2022

HOME PRICE APPRECIATION WILL CONTINUE

Nationally, home prices are projected to rise more moderately that last year, but aren’t expected to fall.

Prices are forecast to climb by an average of 10.3% this year

MORTGAGE RATES WILL RESPOND TO INFLATION

“If consumer price inflation continues to rise, the mortgage rates will move higher. Rates will stabilize only when signs of peak inflation appear. If inflation is contained, then mortgage rates may even decline somewhat”

Lawrence Yun, National Association of Realtors (NAR)

HOME SALES WILL MODERATE

Forecast for home sales have been adjusted down this year due to higher mortgage rates softening demand.

The expectation is home sales will be more in line with pre-pandemic years.

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