Housing Market Predictions 2022: Will Prices Drop?
Getty Images Housing Market Predictions 2022: Will Prices Drop? Article by : Natalie Campisi - Forbes Advisor Staff The housing market has been breaking new records across multiple fronts throughout 2021, leaving home shoppers wondering if they should buy now or wait in the hope that more homes become available, and at more affordable prices in 2022. So far, home price appreciation is up year-over-year (YOY) by 18.5% in the third quarter, the highest level in the Federal Housing Finance Agency (FHFA) House Price Index history. Inflation has shot up at the fastest pace since 1982. At the same time, the number of houses for sale has dropped, creating greater pressure on home prices. Housing supply plunged to its lowest level in history, with just 1.38 million homes on the market in June, down 23% annually. Buyers scooped up homes faster than ever before, shrinking the number of days homes spent on
