The recent Home Price Index from Corelogic will dampen your hopes for another year of double digit gains.

Home values are leveling off and may only rise by 3.5% at the end of 2022.

Home Values Peaked in 2021

We know that all good things must come to an end. If you trust Corelogic, a leading global property information provider, the meteoric rise of home values has come to an end.

In 2021, the average sales price of existing homes increased by 12.1% in Columbus, and 15% nationwide.

If you look at individual months you will notice that price increases have slowed toward the end of the year, from their peak of 21.8% in May to only 6.3% in December.

Home price gains are projected to stay around 10% in the first half of the year, but slow to only 3.5% by December 2022.

Why 2022 Got Off to a Slow Start

Last year’s rapid spike of home values was fueled by a combination of low inventories, high buyer demand, and record low interest rates.

Interest rates will certainly rise in 2022.

Buyer demand was somewhat depressed since the beginning of January.

Pending Contracts, a good indicator of future sales, were substantially below last year’s numbers (see chart below).

You can find more details in my weekly housing charts. Closed sales and new listings are also lacking behind last year’s numbers.

Is it just due to the snow? The next few weeks will tell.

Grab This Opportunity & Cash In on Your Equity 

If you’ve owned your house for more than a year, you probably gained a lot of equity. Quite a few homeowners sell after only 2 or 3 years for a nice, double digit profit.

Are you considering a move?

Now’s the perfect time to cash in on your equity and move up to larger home while interest rates are still at historic lows.

I can help you manage the sale of your existing home for top dollar, and navigate you through the hassles of buying a new one without overpaying.

Call or Text me TODAY at (614) 975-9650!