By the end of 2022, News Corp. forecasts U.S. home values will climb 2.9% as rising mortgage rates take some steam out of the market.
According to Fortune, U.S. home price jump posted in the S&P CoreLogic Case-Shiller Index from September 2020 to September 2021.
That said, buyers and sellers alike shouldn’t necessarily expect Realtor.com’s forecast of 2.9% home price growth in their local market. Separate from its national forecast figure, Realtor.com also modeled predictions for year-over-year home price changes in the nation’s 100 largest housing markets. Those projected growth rates vary from 10% in Portland, Maine, to 0.2% in Honolulu. The former represents a bullish market that would look a lot like the 2021 frenzied landscape, while the latter would be a margin of error away from seeing prices fall.
Joining Maine’s largest city in the bullish camp are markets like Providence (forecast to jump 9.5%); Salt Lake City (8.5%); Worcester, Mass. (8.2%); Boise (7.9%); Palm Bay, Fla. (7.9%); Stockton, Calif. (7.8%); Spokane, Wash. (7.7%); Boston (7.5%); and Seattle (7.5%) rounding out the top 10. Many of these markets, like Boise and Portland, have seen an inflow of remote workers during the pandemic looking to escape high-cost markets like San Jose. That trend, Realtor.com says, is likely to continue to shake up the market in 2022.