Despite 2021 being the hottest real estate market ever, 2022 has seen home prices falling in some market as higher interest rates makes it harder for prospective home buyers to afford a home. Home affordability is approaching the highest it has been in 15 years. Signs of a real estate market slowdown are everywhere, but nothing indicating that the housing prices will crash. Certainly certain over-bought markets like Boise, Phoenix and Las Vegas will have some near term price declines.
As the federal reserve hikes interest rates, home mortgage rates tend to rise as well. These rises tend to cause homes to be less affordable as more houses flood the market. Even with high interest rates we still have a historically low number of homes that are for sale in the US.
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