If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one.
How an Expert Can Help You Understand Inflation & Mortgage Rates
Housing Market Forecast for the Rest of 2022 [INFOGRAPHIC]
Some Highlights
- 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 prices are forecast to rise more moderately than last year. Mortgage rates will respond to inflation, and home sales will be more in line with pre-pandemic years.
- Connect with Blessings Realty so you can make your best move this year!
Article source: https://www.keepingcurrentmatters.com/2022/08/05/housing-market-forecast-for-the-rest-of-2022-infographic/.
A Window of Opportunity for Homebuyers
Mortgage rates are much higher today than they were at the beginning of the year, and that’s had a clear impact on the housing market. As a result, the market is seeing a shift back toward the range of pre-pandemic levels for buyer demand and home sales.
But the transition back toward pre-pandemic levels isn’t a bad thing. In fact, the years leading up to the pandemic were some of the best the housing market has seen. That’s why, as the market undergoes this shift, it’s important to compare today not to the abnormal pandemic years, but to the most recent normal years to show how the current housing market is still strong.
Higher Mortgage Rates Are Moderating the Housing Market
The ShowingTime Showing Index tracks the traffic of home showings according to agents and brokers. It’s also a good indication of buyer demand over time. Here’s a look at their data going back to 2017 (see graph below):
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