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National Association of Realtor's 2022 Real Estate Market Insight

Posted by Ri Prasad on Friday, January 6, 2023 at 11:36:07 AM By Ri Prasad / January 6, 2023 Comment

NAR's top market insights for 2022

Source: Unsplash

The NAR released its Confidence Index Survey for 2022 and it contained some positive news about the housing market. Here are the report's key takeaways:
  • Not dissuaded by high interest rates, first-time buyers bought homes at the same rate year-to-year
  • 61% of properties sold within a month of listing
  • The average number of offers received on a house declined year-to-year from 3.8 to 2.3
  • All-cash sales increased by only 2% since the same time last year even as mortgage rates doubled
  • 88% of buyers opted to buy homes in suburban or rural areas

Our take

As we’ve said so many times, this clearly isn’t a repeat of 2008. Although it may feel like the market is slowing down, the number of properties hitting the market is showing a limited supply and the demand is not going to waiver.

Let's talk about your goals for 2023 and how we can achienve them together.

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Tags: First Time Home Buyers, Finance, Home Buyers, Homeowners, Investor, Market Update, Multi-Units, Selling Your Home

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