It was a banner year for the U.S. housing market in 2021 with record price increases, unprecedented buyer demand and sales levels never seen before. According to the National Association of Realtors, existing home sales are near their highest level in 15 years with an estimated six million homes sold last year.
Prices also reached new highs in 2021 with many major markets seeing double-digit increases all year long. San Diego’s median sales price was up 14.1 percent for the year.
Looking ahead, experts anticipate more of the same this year. 2022 is looking to be another record setting year for prices and demand is expected to continue to exceed supply. Although economists anticipate the rate of price increases will be at more moderate levels, the inventory shortage is expected to persist throughout the new year.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.