Source: mrt —
According to Realtor.com’s 2022 Housing Forecast, released Wednesday, first-time buyer demand will outmatch the inventory recovery of the national real estate market as Americans will have a better chance to find a home but will face a competitive seller’s market.
The year will also present a mix of housing affordability challenges and opportunities as listing prices, rents and mortgage rates are all expected to rise, according to the site.
Realtor.com projects 2022 home sales will hit their highest level in 16 years, rising 6.6 percent year-over-year. Buyers are expected to remain active and for-sale inventory is forecast to begin recovery from recent steep declines. Realtor projects record-high listing prices, fast-paced sales and limited for-sale home options as existing home listings remain behind pre-COVID levels. The new construction supply gap of 5.2 million new homes may also shrink as builders continue to ramp up production, projected to increase 5 percent year-over-year.
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