Despite a half-percentage-point gain in home loan rates, real estate sales likely will reach a 16-year high in 2022, CoreLogic's chief economist said.
Homebuilder confidence rose to a 10-month high in December, signaling an expanded supply of new houses available for sale next year.
The average U.S. rate for a 30-year fixed home loan rose to the highest level in more than a month as the Fed stepped away from the bond markets.
The breakneck pace of home price gains made it tough to be a first-time property buyer in the third quarter, according to NAR data.
The median sale price for a home rose to $360,250 during the four-week period ending Dec. 5, a gain of 14% from a year earlier, the report said.
Inflation rose last month at the fastest pace since the Reagan administration as the global pandemic continued to snarl supply chains.
Consumer sentiment rebounded this month from November’s one-decade low, according to a University of Michigan report.
Home-price growth in the third quarter increased the amount of tappable equity held by Americans to a record $9.41 billion, the report said.
Prices for detached single-family homes surged as people searched for low-density living quarters during the pandemic, CoreLogic said.
As long as vaccine efficacy holds up, the economic hit from the emergence of Covid-19’s Omicron variant likely will be moderate, Goldman Sachs said.
