ReCasa Financial Blog

With all the real estate market changes, the housing market is starting to level itself. Homebuyers are starting to gain the upper hand in negotiation. Home prices are dropping while interest rates are increasing. Homes are staying on the market longer than they were a year ago.

With the increase in mortgage rates, home purchases are slowing. With rates increasing, so is the cost of renting. In 2022, rent is projected to increase by 3.6%. Real estate experts believe that with the increase in rent, more homebuyers will be entering the market.

According to National Association of Realtors, real estate investors purchase 16% of homes in August 2022. This number of homes purchased increased from 14% in July and 15% in August 2021.  In September 2022, the median sale price of a home increased by 13.9%.

Zillow reports that they expect home prices in the United States to increase 1.4% over the next year. During the summer of 2022, 117 housing markets across the United States saw a decrease in home values, while 779 markets saw an increase.

Freddie Mac reported that currently “60% of renters and 24% of homeowners spend more than 30% of their monthly income on housing.”

Freddie Mac believes that we will see the following within the next six months in the United States.

·       19% will purchase a home

·       16% of real estate homes will be sold

·       16% of homeowners will refinance 



What are some of your predictions for the real estate market for the next six months?