2022 Expected To Be Strong Year For Home Buyers And The Housing Market
This article is about how 2022 expected to be a strong year for homebuyers and the housing market
The National Association of Realtors, referred to NAR, keeps track of the housing statistics of the housing date and housing market every month in the United States. One of the key housing data the National Association of Realtors keeps track of is the home sales every month. The data accumulated and reported by the National Association of Realtors is gathered. Once gathered, it is compiled nationally from data reported by the MLS, Multiple Listing Service. The compilation of the results of the date from the National Association of Realtors includes sales from single-family properties, townhomes, condominiums, and co-ops. The National Association of Realtors does not include properties that were not listed on a local or regional Multiple Listing Service.
2022 Expected To Be Strong Year For Home Buyers: Data Released From The NAR
The National Association of Realtors released disappointing numbers for November 2019. However, data released for December 2020 were strong. It made 2019 finish on a strong finish and rallied the January 2020 numbers. It convinced most real estate and housing experts to predict a strong 2020 housing buyer’s market. It is not just real estate analysts that are predicting a strong year for 2020 for the United States housing market. But also economists and mortgage experts are predicting the same outcome even with the rumor that mortgage rates will spike the second half of the year.
This is great news for home sellers.
Home Sales Statistics
Home sales for the month of December 2019 have gone up 2.4% to an adjusted annual rate of 5.04 million compared to the November 2019 figures of 4.92 million. December 2019 rates were up by 3.5% from December 2018 rates. The spring will most likely bring an extremely strong seller’s market. Inventory of housing has dropped 11.1% in December 2019 to 1.85 million of existing housing available that were for sale. Foreclosure rates and short sale rates were slightly increased in December 2019 to 11% from November 2019 statistics of 9%. However, the good news is that both foreclosure rates and short sale rates were dropped 14% from the same time of 2018 figures.
2022 Expected To Be Strong Year For Home Buyers Due To Historic Low Rates
Historic record mortgage rate fueled FHA streamline mortgage refinances. Low mortgage rates have also triggered an increase of potential home buyers seeking pre-approvals from mortgage companies. To add fuel to the fire in triggering more home buyers to act, Fannie Mae and Freddie Mac have brought back the 3% down payment conventional loan for homebuyers to promote homeownership and compete with FHA lowering the FHA annual mortgage insurance premium. The third factor where 2021 brought problems in the housing market. The demand for new homes has triggered a housing shortage where home prices skyrocketed. Homebuyers were buying homes above the list price. 2022 will be a stellar year for the housing market. The housing market is the fact that mortgage rates are at historic lows. 30-year fixed-rate mortgages are still in the low to mid 3.0%. There are talks of the Federal Reserve Board increasing mortgage rates in 2021, but with all the other positive factors in the housing and mortgage markets, experts feel that it will have little impact on a stellar 2022 housing market and record home sales.