Hovering house costs anticipated to climb at slower tempo in 2022

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TUCSON, Ariz. (KOLD Information 13) – We noticed a red-hot housing market all through 2021. Whether or not you’re homes in Tucson, across the state of Arizona and even nationwide, consultants can all agree this yr’s housing market will go down in historical past.

“Sturdy gross sales, very restricted stock and difficult for consumers and sellers trying to discover a home,” mentioned Kevin Kaplan, the vice chairman of promoting at Lengthy Realty.

He mentioned year-to-year house costs rise round 4% however this yr we noticed costs improve a staggering 20% to 30%. Going into 2022, he expects the market to calm some.

“We don’t suppose that house costs are going to go backwards and go down,” he mentioned. “They’ll proceed simply not at that feverish unmanageable charge.”

Homosexual Coroaton, a senior economist on the Nationwide Affiliation of Realtors, expects it to simmer down additionally.

“Costs will elevate at a smaller tempo at 5 to seven % which is extra equal to wage progress,” she mentioned.

A low stock of properties remains to be a problem.

“The builders are attempting to maintain up with the brand new builds however as a result of lack of labor and the price and the shortage of a few of the provides some issues aren’t getting completed,” mentioned Jodi Koch, the Tucson Affiliation of Realtors President for 2022.

She’s hopeful extra new properties will hit the market which can assist stage issues out for consumers who proceed to face an uphill battle.

“It’s such a wrestle for consumers to get into the housing market,” she mentioned. “They want an awesome skilled who is aware of what they’re doing to take nice care of them.”

The standard house worth in Tucson is about $295,000 which is a twenty-eight % improve over the previous yr, in response to Zillow.

Copyright 2021 KOLD Information 13. All rights reserved.

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