Although economists are largely in agreement that the housing market is not likely to reach the dizzying heights of 2021 in the new year, they are predicting a lot of activity. According to Zillow’s Economic Research Team’s housing predictions for 2022, expect to see home values grow by 11 percent and sales volume to hit a 16-year high.
Zillow warns home buyers to anticipate a continuation of the fierce bidding wars over the few properties for sale in 2022. Tight supply is not expected to ease up this year as home builders continue to struggle with staffing shortages and supply chain disruptions.
The bright spot for home buyers is that low mortgage rates are expected to continue for some time. 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 (877) 700-0942 and your questions may be featured in an upcoming article.
