Today's Real Estate Market Could Make Or Break You | How To Navigate Q4 2022
Here’s Everything You Need To Know About Today’s Real Estate Market
In August 2022, home prices in California were up 1.8% compared to last year, selling for a median price of $761,700. On average, the number of homes sold was down 25.8% year over year and there were 28,643 homes sold in August this year, down 38,577 homes sold in August last year. The median days on the market was 31 days, up 9 year over year.
Nationwide, 24% of homebuyers searched to move to a different metro area between Jul ’22 – Sep ’22. The top 5 states homebuyers searched to move to were Florida, Texas, Maryland, Arizona, and North Carolina while California, New York, District Of Columbia, Massachusetts, and Illinois were the top 5 states homebuyers searched to move from.
Unlike home prices, though, rates are not showing signs of falling anytime soon. “Until we see a broad-based, sustained moderation in price pressures, the risk is that mortgage rates continue to climb,” says Greg McBride, CFA, Bankrate’s chief financial analyst.
McBride envisions the 30-year fixed-rate mortgage loan averaging between 6.4 and 6.9 percent in Q4, with the 15-year fixed-rate between 5.3 and 5.8 percent.
MBA economists also expect home price gains for the foreseeable future. They forecast a 9.8% yearly increase for prices in 2022 compared to 2021 and a 2.8% gain in 2023.
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0:25 What the experts have to say
0:43 Q4 Blues?
1:30 What about the Buyers?
1:50 Home Prices
2:20 Housing Inventory Impact
2:30 Where are Mortgage Rates headed?
3:10 How can you strategize?
3:50 The Impact of Rising Rates