Realtor.com does an about-face on its 2022 housing forecast.
Major Shift from Realtor.com
Realtor.com predicted a major shift in its latest 2022 Housing Forecast. Rather than an increase of +6.6% in existing home sales as it predicted earlier this year, Realtor.com is now expecting existing home sales to drop a full 12 percentage points to -6.7% by the end of 2022.
“Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly,” said Danielle Hale, Realtor.com’s Chief Economist, in this just released report.
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“As Americans grapple with higher prices for everyday expenses while today’s buyers face housing costs that are up 50% from a year ago,” continued Hale, “recent home sales data shows some (potential buyers) are taking a step back from the market.”
Better Market for Buyers in the Fall Predicted
Realtor.com is expecting inventory to improve +15% by the fall of this year in this updated 2022 Housing Forecast report.
This prediction concerning inventory is also a big about-face from its expectation earlier in this year that inventory would rise just +0.3%.
“Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate,” sale Hale. “As a result, this fall could be an opportune time to find a home. Still,” Hale cautioned, “preparation will be key throughout 2022 as it continues to be a seller’s market and asking prices remain high.”
Discrepancy in Home Prices & Buyers’ Budgets to Continue
Realtor.com anticipates that home prices will remain elevated throughout 2022. This marketplace site expects home prices to increase an additional +6.6% over 2022 rather than its previous prediction of home prices rising just +2.9% earlier in the year.
Meanwhile, according to Redfin, homebuyer budgets remained flat with a rise of just +0.3% in the three months ending April 30 (as we discuss in a correlating post on this week’s calendar.)
Redfin’s deputy chief economist Taylor Marr said, “Budgets haven’t fallen from a year ago and we don’t expect home-sale prices to fall either. But the fact that budget growth has slowed so significantly is one sign among many that home-price growth will continue to slow as the year goes on.”
Thanks to MansionGlobal.
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