2022 Market Review and 2023 Predictions
Posted by Streett Hopkins Admin on
2022 market review and 2023 predictions
Source: Bright MLS
2022 Unusual Market Year
2022 saw two markets. The first half of the year was “frenzied” with homes selling quickly, historic low inventory and rising home prices.
The second half of the year was “frozen”. Prices and activity fell sharply due to rising mortgage rates, high inflation and affordability challenges
Mortgage rate surge at end of 2022 average 30 year fixed rate was 6.42% down from 7.08% but double what they had been in 2021. This raise eroded homebuyers purchasing power, making many people decide to wait it out.
Watch out for falling prices!
Prices were up 6.2% in the beginning of 2022 due to the tail end of sub 3 mortgages. By the…
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