nyone who has bought a house last year (or tried to) knows how hot the market has been. But as we head into 2022, the housing market may — finally — be starting to cool.

Let’s recap, briefly, how we got here.

A record-low supply of homes for sale and near record-low mortgage rates have propelled U.S. homes prices to an all-time high. The median sales price of a single-family existing home jumped about 23% in the third quarter of 2021, hitting $363,700, according to the National Association of Realtors’ quarterly report. Those rising home prices forced buyers to duke it out for a limited number of homes.

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