Last year we saw an uptick in the number of people who moved. In fact, home sales were the highest in a decade. I expect that trend to continue this year and that there will be more home sales in 2022 than there were in 2021.
The seller’s market we have been experiencing for the last five years or so will also continue and strengthen. The construction of new housing has not kept up with population growth in the metro area.
Interest rates are likely to go up in 2022 to somewhere around 4%. The pandemic did slow home sales during part of 2020 but isn’t likely to have the same impact in 2022.