The National Association of Intermediaries (NAR) reported a record increase of 16.9% in housing. The increase is for the period 2020-2021. The average price of a residential property is 346,900 USD. This is the strongest rate of appreciation since 1999. Housing sales peaked in 2006, when 6.12 million housing units were sold, or 8.5% more than a year earlier.
“The housing market has shown impressive results over the past year, when both the number of transactions and prices have risen. At the end of 2021, the sale of houses reached the bottom – only 910 sites were sold in December 2021, “said NAR chief economist Lawrence Yun.
He predicts that the total annual volume of housing sales will decline slightly in 2022, given that interest rates on mortgage loans are rising. Growth in employment and persistently high demand are clear signs that the market will not collapse.
“I expect moderate price growth – 3.5% in the new year. The same picture will be repeated in 2023, when more proposals will appear on the market, “Yun predicts.
Due to the shortage of ready homes for sale, including detached houses, townhouses and condominiums, sales fell in December by 4.6% compared to November and by 7.1% compared to December 2020.
Home sales in the price range of USD 100,000 to USD 250,000 fell 23.3% in December on an annual basis. Transactions with objects worth between 750,000 USD and 1 million USD reported an increase of 32.2% for the period under review. The trend is explained by the shortage of proposals.
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