No, the housing market isn’t in a bubble. But there still are many things to worry about in 2022.
A panoply of factors are in play that could prompt a rosy picture — or a dire forecast
House prices are sizzling. Not just in swanky neighborhoods in the nation’s big cities or in resort towns. Not just in the suburbs or exurbs. Not just in inner cities or in rural areas. Just about everywhere.
House prices were rising strongly before the pandemic, but since the pandemic hit they’ve been on a tear. The median existing house price — half of the homes sold for more and half for less — has surged to more than $350,000, about double what it was a decade ago.
Just in the past year, the price for a typical home is up almost 20 percent. And in about one-fourth of the nation’s 400-plus metropolitan areas, prices have rocketed by more. Even in the mid-2000s just before that housing bubble burst, fewer than one-fifth of metropolitan areas had seen annual prices increase as much.
So, are we in another housing bubble? Read on
