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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since most families want to move when the kids are out of school. Yet it actually pays to list in the winter, when buyers tend to have more urgency: A study by online brokerage Redfin found that average sellers net more above asking price during the months of December, January, February, and March than they do from June through November, even in cold-weather cities like Boston and Chicago. And homes listed in winter sold faster than those posted in spring.
Daniel Bortz 