A Moderating Housing Market Means More Options for Home Shoppers
A Moderating Housing Market Means More Options... That was the headline from the Realtor.com® National Housing Forecast Update in June 2022. The economists behind the annual study issued a revised forecast to account for the following elements in the housing landscape: Mortgage rates are revised upward to reflect the major shift in monetary policy and financial conditions over the last 6 months; thru the second half of 2022, the 30-yr rate stabilizes at 5.5%. Going forward, home price growth cools , but it has remained hotter for longer than originally anticipated leading to an upwardly revised projection of 6.6% home price growth for 2022 . Home sales slows (in units), modifying original 2022 growth expectations to a decline of 6.7%. While the forecast is a notable step down from 2021, home sales on par with these projections would mean that 2022 sales are the 2nd highest tally since 2007, trailing only 2021. The inventory of homes for sale grows more than originally projected, up 15%...