The new year kicked off with the hottest January on record, despite having the first pending sales decline since June of 2020, according to a recent Redfin report.  Last month, 45% of homes found a buyer within two weeks

Home values grew 19.6% last year, an all-time high in Zillow’s data, which goes back more than 20 years.

In 2021, home sale profits rose in more than 90% of the country’s housing markets and reached the highest level since 2008. 

Builders started to make headway against supply-chain issues that have hampered construction of homes in the face of high demand. 

Rising prices and rates are driving up mortgage payments which are pushing up demand for rentals.

Rent growth also slowed in December, posting the lowest monthly increase since February 2020.

New homes and existing homes are appreciating at similar rates, according to a new report from CoreLogic.

Northwest Multiple Listing Service member-brokers sold more properties for more money in 2021 than ever before, the organization said in a news release this week.

“December saw sales retreat, but the pull back was more a sign of supply constraints than an indication of a weakened demand for housing.” — NAR chief economist Lawrence Yun

December housing sales fell lower than they have since the start of the pandemic, a new Redfin report found.

While multifamily starts surged 13.7% compared to November, the pace of new single-family housing construction slid 2.3%, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

“While lean existing home inventory and solid buyer demand are supporting the need for new construction, the combination of ongoing increases for building materials, worsening skilled labor shortages and higher mortgage rates point to declines for housing affordability in 2022.” — NAHB Chairman Chuck Fowke

The cost of living has risen across the nation, but some U.S. metros have experienced particularly significant increases.

“MBA expects solid growth in purchase activity this year, as demographic drivers and the strong economy support housing demand,. However, the strength in growth will be dependent on housing inventory growing more rapidly to meet demand.” — Mortgage Bankers Association associate vice president of economic and industry forecasting Joel Kan

Despite the record low number of homes for sale, prices and pending sales continue to rise.

Housing prices continue to exacerbate ongoing affordability challenges, as home appreciation continued to accelerate in November.