May Flowers and Rising Mortgage Rates!
The first quarter of 2022 saw more markets reach double-digit annual price gains than the
previous quarter, according to the National Association of Realtors®' latest quarterly
These increases come as median single-family existing-home prices rose at a faster rate
nationally – 15.7% – from one year ago, up to $368,200. In comparison, the year-over-year
pace in the prior quarter was 14.3%. Notably, the South region made up 45% of single-
family existing-home sales in the first quarter and notched a double-digit price appreciation
of 20.1%. Meanwhile, the Northeast saw a climb of 6.7%, the Midwest 8.5%, and the West
"Prices throughout the country have surged for the better part of two years, including in the
first quarter of 2022," said Lawrence Yun, NAR chief economist. "Given the extremely low
inventory, we're unlikely to see price declines, but appreciation should slow in the coming
Yun notes his prediction is based on an expectation of further supply for the upcoming
quarter, citing that the beginning of the first quarter registered a record-low amount of
inventory. He also anticipates other changes.
"I expect more pullback in housing demand as mortgage rates take a heavier toll on
affordability," he added. "There are no indications that rates will ease anytime soon."
If you want to know more about my personal opinion on the market and what is to come,
feel free to set up a coffee or phone call with me anytime!