The 2022 real estate market begins where 2021 left off, in which existing home
sales reached their highest level since 2006, with the National Association of
REALTORS® reporting sales were up 8.5% compared to the previous year as
homebuyers rushed to take advantage of historically low mortgage rates. Home
sales would’ve been even greater were it not for soaring sales prices and a
shortage of homes for sale in many markets, forcing a multitude of buyers to
temporarily put their home purchase plans on hold.

New Listings decreased 27.4 percent for single-family homes and 32.4 percent
for townhouse-condo properties. Pending Sales decreased 7.9 percent for
single-family homes and 32.6 percent for townhouse-condo properties.
Inventory decreased 50.9 percent for single-family homes and 45.8 percent for
townhouse-condo properties.
The Median Sales Price was up 16.5 percent to $395,000 for single-family
homes and 17.5 percent to $275,750 for townhouse-condo properties. Days on
Market decreased 16.7 percent for single-family homes and 57.7 percent for
townhouse-condo properties. Months Supply of Inventory decreased 50.0
percent for single-family homes and 42.9 percent for townhouse-condo
properties.
For many buyers, 2022 marks a new opportunity to make their home purchase
dreams a reality. But it won’t be without its challenges. Inventory of existing
homes was at 910,000 at the start of the new year, the lowest level recorded
since 1999, according to the National Association of REALTORS®, and
competition remains fierce. Affordability continues to decline, as inflation,
soaring sales prices, and surging mortgage interest rates reduce purchasing
power. The sudden increase in rates and home prices means buyers are
paying significantly more per month compared to this time last year, which
may cause sales to slow as more buyers become priced out of the market.