Predictions for our real estate market for the rest of 2022.
Today I want to share some predictions for the remainder of 2022. These predictions come from the chief economist of the National Association of Realtors, Lawrence Yun.
Mortgage rates are now between 6.5% and 6.75%. The Federal Reserve does not set the rates for mortgages, but they do set the short-term fund rates. The mortgage industry has already included all the remaining increases into their interest rates, so things should start stabilizing. Interest rates will probably stay around the mid-6% range until next year before coming down to the high 5% range.
Home sales are down right now, and we have about 1.5 months of inventory in the Jacksonville area. Buyers are still very active and qualified to buy your home. We’re still seeing multiple offers on homes, and they’re going under contract pretty quickly. Sale prices from last year are down about 13% nationally, but our sales prices have still increased about 7% from last year.
If you have any questions about this real estate market, give me a call at (904) 219-7539 or shoot me an email at chad@chadandsandy.com.
