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What happened? According to a Reuters survey of real estate analysts, home prices in the United States will rise by more than 10% this year. And this is although the Federal Reserve is embarking on an expected series of interest rate hikes. Experts predict that the conditions in the US market will continue to be dictated by sellers for two more years in a row.
Context. Record low-interest rates and a shortage of homes for sale, combined with unexpectedly explosive demand during the pandemic, led to a 17% increase in the average US house price in 2021, which was the highest annual rate in at least two decades.
Survey. A survey among 33 real estate market analysts conducted on February 8-28, 2022, showed that this year house prices in the United States will increase by 10.3%. It is more than the 8% predicted in the December survey, as it is assumed that the underlying demand for housing is still high and supply is still limited.
Prices are expected to rise by 5% in 2023, and 4.1% in 2024, which is a slight increase compared to 4% and 3.7% in the last survey.
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Source: Reuters
