Experts predict as mortgage rates rise, prices are expected to moderate, but low inventory will continue
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Last year was a great year for selling a home, but not a great year if you tried to buy one. Apartment prices rose sharply and the number of apartments for sale fell. Although the 2022 housing market is still leaning towards sellers, it offers a slightly better chance for buyers to seize their dream homes.
The story of 2021 was how quickly apartment prices accelerated. The median national apartment price reached $ 362,800 in June, an all-time record, according to the National Realtors Association. The Case-Schiller housing price index peaked in August, when prices rose 19.8% year-on-year.
Phoenix house prices were up 33.3% year-on-year, apartment prices in San Diego were up 26.2% and apartment prices in Tampa were up 25.9%.
Low mortgage rates and limited supply have helped push prices up. There were only 1.38 million homes for sale nationwide in June, down 23% year-over-year, according to Redfin.
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