Redfin Chief Economist Daryl Fairweather has made her predictions on the state of the housing market in 2022.
Fairweather forecasts that balance will return to the market next year, but not after a scramble to snatch up homes with buyers taking advantage of low rates who will deplete the supply in the first half of 2002. In the second half, new construction will boost sales slightly, as there will be 1% more sales than in 2021, and by the close of 2022, home price growth will slow to 3%.
Some of Fairweather’s for 2022 are as follows
Prediction #1: Mortgage rates will rise and prices will drop
Prediction #2: New listings will hit decade-long high, yet inventory issues will linger
Prediction #3: Rents will continue to ascend and rise by 7%
Prediction #4: Homebuyers will relocate to more affordable cities
Prediction #5: People will relocate to places that align with their politics
Prediction #6: There will be a renewed interest in condos