2022 Real Estate Forecast

Northern Wasatch Association of Realtors Advice

Stephanie Taylor, 2022 PresidentNorthern Wasatch Association of Realtors After an ultra-hot housing market in 2021, Northern Wasatch home buyers and sellers can expect another robust real estate year in 2022. That’s according to Jim Wood, Ivory-Boyer senior fellow at the University of Utah’s Kem C. Gardner Policy Institute, who recently spoke to Northern Wasatch Realtors. Wood, who has studied Utah’s housing market for decades, forecasts that real estate sales will remain steady in 2022 while home prices will rise 10-12%. Meanwhile, new home construction will reach a new record high of 36,000 units but will remain constrained because of a continued labor shortage.   “Utah is in the midst of a really strong economic boom, and the fundamentals are still …

2022 real estate market trends

Northern Wasatch Association of Realtors Advice, Update

Shauna Ray2021 President, Northern Wasatch Association of Realtors             After an unprecedented real estate market, next year’s home buyers can look forward to conditions that are a bit more normal.             Economists are making their predictions for the upcoming year and here are a few of the trends they point to: Rising home prices but at a slower rate             Instead of the 30% home price spike seen this year, next year’s home buyers can look forward to home prices increasing — but at a slower rate.             That’s the consensus of 22 real estate industry economists who think U.S. home prices will rise a median of 5.7% in 2022, according to a National Association of Realtors survey. Of those …

2022 Real Estate Forecast

Northern Wasatch Association of Realtors Advice

Shauna Ray2021 President, Northern Wasatch Association of Realtors When it comes to real estate next year, consumers can expect a strong housing market with signs of normalizing. For example, home prices may rise at a slower pace, interest rates may increase a bit and sales activity may be slightly lower, although the number of transactions should exceed pre-pandemic levels. Those were some of the predictions from National Association of Realtors Chief Economist Lawrence Yun, who recently spoke to Realtors at a national conference in San Diego. “All markets are seeing strong conditions, and home sales are the best they have been in 15 years,” Yun said. In fact, Yun mentioned Salt Lake City as one of the top five hottest …