“In America’s frenzied pandemic-era housing market, buyers and sellers have both defied expectations: Buyers have forged on in the face of record-fast price appreciation, and homeowners have steadfastly demurred from cashing in on this selling opportunity,” Zillow Senior Economist Jeff Tucker said in a release.
Panelists who foresee lower sales in 2022 point to financial strains on buyers as the main driving factors.
Over the past two years, home value growth in many large metros has been higher in areas with longer commutes to downtown, a reversal of past trends.
Although every respondent expects nationwide home price appreciation to slow in 2022 from last year’s record-breaking pace, the average of their long-term projections remains among the most bullish outlooks for home values in the Zillow survey’s history.
“Although a handful of experts foresee a modest price correction on the horizon, none expect a crash, even as the confluence of unusual forces impacting U.S.
Loebs said the range of home price predictions from panel participants is the widest he’s ever seen.