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6 REAL ESTATE FACTS FOR 2022
Since I’ve heard a lot of feedback on the real estate market lately, let’s sit down and gather some data. I have analyzed for you the real estate market and its future tendencies.
Please bear in mind these comments are nationwide, Miami can be slightly different.
These are the 6 facts that affect real estate at this time:
Mortgage rates are at a peak
On September 1, the average 30-year fixed mortgage rate reached 5.66%. This rapid increase is due to the actions of the Federal Reserve. Even if the Federal Reserve doesn’t choose mortgage rates directly, it significantly impacts its evolution. The Fed policy seriously affects the 10-year Treasury yield, which affects the mortgage rates.
Property sales are slowing down
Between June and July, the new single-family sales rate dropped by 12.6%. Moreover, the days on the market for a property to sell has risen by 12.5% in one year.
Prices are consistently strong
The median existing-home price in July 2022 is 10.8% superior to 2021 nationwide.
New construction is slowing down
There is less construction because builders don’t know how the demand will evolve. Developers’ fear is linked to a fall in demand and to the variation of construction costs.
New listings are not coming up as frequently
There were 132,649 less new listings in September compared to July. Two reasons can explain this trend. Firstly, due to price stagnation, there are fewer potential sellers. Secondly, the labor market is in good health. Thus, people don’t want to sell their houses.
Rental prices are higher
Rental prices have flinched for two years. In July, the average monthly rent was $2,031, namely 13.7% from a year ago. For the moment, since mortgage rates are high, we don’t forecast a price decline.