Agents predict resale home prices to increase 7% and sales volume to rise 6% this year, a Burns Real Estate Agent survey found.
John Burns Real Estate Consulting surveyed 4,000 agents in 462 markets about their sales and volume forecasts for 2022. Agents were surveyed in December and results were published Jan. 22.
The results show nationwide optimism that the hot housing market will continue, although not at the levels seen in much of 2021, when resale home prices skyrocketed 18%.
Just 22% of agents surveyed in December described the pace of new listings as “faster” than the same time the previous year.
Agents reported a rising number of multiple-offer listings and all-cash offers, reflecting the low inventory and high demand throughout much of the country. Ninety-two percent of agents surveyed said buyers outnumber sellers.
The survey’s results varied slightly by region and market.
Forty-eight percent of agents surveyed in Texas described the market as “better than normal,” the highest percentage of any area in the U.S.
The competition for listings is so fierce, some agents said sellers are demanding lower commissions. Said an unnamed Austin agent quoted in the survey report: “Different brokers are charging smaller commissions to attract sellers to go with them.”
The percentage of all-cash purchases was smaller in Texas — 15% statewide and 12% in Houston — than the 19% nationwide rate.
The Burns Resale Housing Market Index sits at 75 out of 100. It scored sales activity a 60 out of 100 (50 is considered “normal”); expected sales activity in the next six months scored 85 out of 100; and demand for housing scored a 95 on the 100-point scale (50 is considered balanced supply and demand).