Patience will be appreciated.
The rise in home prices last year needs no introduction here (up 15% year-over-year, fastest rate of appreciation ever recorded, etc.). But it turns out that 2021 really was a year like no other, with appreciation set to gradually cool over the next 12 months and reach a healthy-but-normal rate of 3.5% by December, according to the newest report from CoreLogic.
The prime factors reigning in that wild growth rate are rising mortgage rates and new construction. As many as one out of three houses on the market right now are new builds, which is an all-time high in itself.
Source: Housing Wire