Housing market madness continues as buyers snap up homes at record pace | Smart Change: Personal Finances
If you were hoping the housing market might cool down this winter, you’ll have to keep waiting.
In some ways, the 2022 real estate landscape is shaping up to be even more competitive than it was last year.
Homes in the United States sold at the fastest January rate ever, according to data from Realtor.com. The typical home was on the market for only 61 days. This is 10 days less than in December and 29 days less than the typical time spent on the market between 2017 and 2020.
Some of the country’s hottest markets have seen homes foreclosed at a particularly rapid rate. In Nashville, the typical home spent just 29 days on the market in January. Homes spent an average of 35 days on the market in San Diego, San Jose and Denver, and 36 days on the market in Raleigh, North Carolina, according to Realtor.com.
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“We anticipate a whirlwind year for buyers and, if January’s real estate trends are any indication, competition in 2022 is already heating up,” Realtor.com chief economist Danielle Hale said in a statement. “Homes sold at a record pace in January, suggesting buyers are more active than usual for this time of year.”
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She added, however, that things look a little different on the seller’s side, with new listings down in January due to uncertainties caused by the coronavirus and building material delays caused by the chain crisis. supply, among other factors. Active listings fell 28.4% in January from a year earlier.
Together, the huge influx of interested buyers and the shortage of inventory means homes are getting harder to find and more expensive. The median listing price climbed 10.3% year on year in January to $375,000, Realtor.com found. The prospect of rising interest rates is likely to fuel madness, at least in the short term, as buyers seek to lock in their mortgages before rates rise.
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Understandably, most Americans feel negative about their prospects. A recent report by Fannie Mae found that 70% of Americans think it’s a
. Among Millennials and Gen Z, that number jumped to 83%. Only 25% of respondents said now was a good time to buy, an all-time high.
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