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The American Dream: there are few people in this nation that don’t know this long-standing tradition. For several decades, those from this country and even others have been longing to achieve the American dream. To buy a home and start a life in one of the greatest nations on the planet, where the streets were thought to be paved with gold, is quite the feat.
Now, people are still working hard every day in order to be able to purchase their one piece of America. The housing market doesn’t always make that easy, though, as it is incredibly unpredictable. Throughout the country, even throughout one single state, the prices and rate of the market shift dramatically from day to day. This year is no different. Hang on to your hats, because it’s going to be a crazy ride.
So far, it seems that prices for U.S. homes are steadily rising, but the inventory on the market is declining at an even faster rate. People are grabbing at straws to get their chance to buy a house. The borrowing methods utilized by home buyers in 2022 is also changing, depending on the background of the buyer.
Economists are forecasting even more growth over the next 12 months. Check out the text below and stay up to date on the housing market.
Existing-home sales increased near the end of 2021 from the year before, according to the National Association of Realtors (NAR). From October to November 2021, there was an increase in existing home sales of 0.8%, but a year-over-year increase of 13.1%.
Tight inventory continues to be a problem, with first-time homebuyers most affected. The supply of new single homes decreased 0.8% from last month, and decreased 12% from the same time last year.
Housing inventory is currently at a 2.4-month supply, down 12% from the same time last year. That’s much lower than the 5- to 6-months’ supply for a balanced market.
Mortgage applications decreased 2.2% year-over-year, and declined 3% from October to November 2021.
The median price for a typical US home is $316,368 as of December 2021, up 19.3% from December 2020.
The current 30-year fixed-rate mortgage rate inched up to 3.1% by mid-December 2021 and is expected to inch up to 4% by the end of 2022.
Real estate research firm Zillow predicts that home prices will increase 14.3% over the next 12 months, after having increased 19.3% over 2021.
If you have questions about mortgages or are ready to apply for one, we’re ready to help. Sammamish Mortgage is a mortgage firm local to Bellevue, Washington, serving all of Washington, Oregon, Idaho, and Colorado since 1992. Our experts will walk you through our mortgage programs to see which one is best for you. Contact us today with questions you have about mortgages.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.