2022 Real Estate Forecast
Stephanie Taylor, 2022 PresidentNorthern Wasatch Association of Realtors After an ultra-hot housing market in 2021, Northern Wasatch home buyers and sellers can expect another robust real estate year in 2022. That’s according to Jim Wood, Ivory-Boyer senior fellow at the University of Utah’s Kem C. Gardner Policy Institute, who recently spoke to Northern Wasatch Realtors. Wood, who has studied Utah’s housing market for decades, forecasts that real estate sales will remain steady in 2022 while home prices will rise 10-12%. Meanwhile, new home construction will reach a new record high of 36,000 units but will remain constrained because of a continued labor shortage. “Utah is in the midst of a really strong economic boom, and the fundamentals are still …
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Economic Forecast Zoom Event
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2022 real estate market trends
Shauna Ray2021 President, Northern Wasatch Association of Realtors After an unprecedented real estate market, next year’s home buyers can look forward to conditions that are a bit more normal. Economists are making their predictions for the upcoming year and here are a few of the trends they point to: Rising home prices but at a slower rate Instead of the 30% home price spike seen this year, next year’s home buyers can look forward to home prices increasing — but at a slower rate. That’s the consensus of 22 real estate industry economists who think U.S. home prices will rise a median of 5.7% in 2022, according to a National Association of Realtors survey. Of those …