The pandemic and work-from-home orders have changed where, when and why people buy homes. As a result, housing prices hit the highest median of all time in 2021, as the number of homes for sale fell to an all-time low and the demand for second homes surged, according to a new Redfin report. 

“November’s housing starts report signals strength for the housing market.”  — First American deputy chief economist Odeta Kushi

In unveiling its predictions, the National Association of Realtors also released its top 10 housing-market “hidden gems” for 2022.

“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz

Millennials are at the greatest risk of becoming house-rich and cash-poor as the generation is spending the highest percentage of their monthly income on homeownership costs compared to other generations, according to a new Hometap report.

Despite those challenges, there are signs the market continues to shift toward more seasonable norms.

While Houston saw an increase in new home listings after Thanksgiving, numbers for the week ended Dec. 6 are still trailing behind the same time period last year, down 6% compared to 2020.

According to a new survey, More than 40% of employed Americans are willing to take a pay cut or accept a new job with a lower salary to move to a more affordable location.

While buyer preferences for more space — both inside and outside the home — remain and supply chain issues continue to stifle home construction efforts, other factors, such as the potential increase in interest rates, are expected to change the game in 2022.

The decline in mortgage rates prompted an uptick in refinancing, with government refinances increasing more than 20% over the week, MBA associate vice president of economic and industry forecasting Joel Kan said in a press release.

Houston’s real estate activity was unusually high in November despite the Thanksgiving holiday, even as inventory hovered at historically low levels. Renters also brought much-needed business back to the lease market following slight declines in October. 

With home prices continuing to reach new heights  across the country, many potential homebuyers are seeing the mobile-home market in a brand new light as single-family home prices become less affordable for young and middle-class buyers. 

As more money is being spent on real estate than ever before, the booming market is on pace to shatter records this year, according to a recent CoreLogic report.

The Federal Housing Finance Agency (FHFA) recently announced its 2022 conforming loan limits (CLL) for conventional loans acquired by Fannie Mae and Freddie Mac.

“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan

During week 47, real estate agents entered 1,359 properties into the Multiple Listing Service for the week ended Nov. 29 compared to 1,563 during the same period last year.