Homes sales are expected to cool down in 2022, as inventories pile up, according to a recent report by real estate listings website Realtor.com.
The company had earlier predicted a 6.6 percent growth in existing home sales in 2022. The latest Realtor report, published on June 13, revised this to a 6.7 percent decline. While the new forecast is a “notable step down from 2021,” if home sales meet the new lower projections, they will still reach their second-highest level since 2007, trailing behind last year’s numbers.
The inventory of existing homes for sale is expected to go up by 15 percent, which is higher than the earlier estimate of 0.3 percent. The growth is driven by “a combination of more sellers and a slowing home sales pace,” the report said….