The past few years have been great for homebuyers from a mortgage rate perspective. But from a home price perspective, they’ve been downright awful. Since the start of the pandemic, prospective buyers have had to grapple with record-low inventory. That, combined with attractive borrowing rates, created a surge in buyer demand that sent home values upward. In February, the median existing home sale price was $357,300, according to the National Association of Realtors. That marks a 15% increase from one year prior. It also represents 120 consecutive months of annual gains, which is the longest-running streak on record. Image source: Getty Images. But while everyday buyers and real estate investors alike have had to grapple with extraordinarily high home prices in recent months, things could change in the course of 2022 for one big reason. Could higher borrowing costs drive buyers away? The basics of supply and demand tell us that whenever a given commodity is in short supply, its<\/p>\n","protected":false},"excerpt":{"rendered":"
It’s something buyers are hoping for. But will it actually happen?<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[33,27,76,316,49],"class_list":["post-224452","post","type-post","status-publish","format-standard","hentry","category-news","tag-business","tag-economy","tag-housing","tag-mortgages","tag-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/224452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/comments?post=224452"}],"version-history":[{"count":0,"href":"https:\/\/omni48.com\/api\/wp\/v2\/posts\/224452\/revisions"}],"wp:attachment":[{"href":"https:\/\/omni48.com\/api\/wp\/v2\/media?parent=224452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/categories?post=224452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/omni48.com\/api\/wp\/v2\/tags?post=224452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}