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.

At the same time, days on market fell to 49 from 58.

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

Investors across the country are looking to cash in on skyrocketing house prices and rents, putting them in competition with new buyers trying to work their way to homeownership. Real estate investors bought a record 18% of the homes sold in the third quarter, according to a new Redfin report.

The home remodeling platform Houzz has compiled their 2022 trend forecast: a list of 10 interior design predictions.

“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration. Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.” — S&P DJI managing director Craig Lazzara.

“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later.” — NAR chief economist Lawrence Yun

While the housing market may be hotter than usual, the shift toward seasonal norms is starting to show and could benefit both buyers and renters. 

The demand for housing in the U.S. has reached a new all-time high since 2017, a rare occurrence for this time of year when the market typically slows. According to a Redfin report, a recovering economy and all-time low mortgage rates are critical factors in the current market. 

The seasonally adjusted estimate of new houses for sale at the end of September was 389,000, representing a supply of 6.3 months at the current sales rate, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.

As the economy recovers from COVID and the housing market gains traction, homeownership is top of mind for Americans, according to the latest survey from Coldwell Banker Real Estate LLC.

As dramatic rent prices impact states across the nation, renters are searching for more affordable places to call home. Nationally, the median rent price is up over 16% since January, with some cities seeing double that, according to a recent Apartment List report.