2021A total of 6.12 million properties were sold across the United States in 2006, reaching the highest performance since 2006. During the post-2020 pandemic, U.S. home prices rose by 43% in two years. At the same time, the data showed that house prices in 20 cities in the United States soared by 14.9%, the highest level since November 2005. In the first half of 2022, the hot trend of the US property market will continue. House prices rose 19.8% year-on-year in February, the highest increase in 25 years and four times the average increase over the past decade. In June, the median sale price of a home in the U.S. peaked at $413,800. Then, the Fed’s violent interest rate hike pushed the U.S. property market off a cliff. Mortgage rates in the U.S. topped 7% at the end of October, the highest level of mortgage rates in 20 years. As interest rates soared, the U.S. homebuyer confidence index quickly fell to 39, the lowest level since the 1980s. In December, NAHB (National Association of Home Builders)The homebuilder confidence index is down to 31, below its February 2007 level. An index below 50 indicates that the real estate market is in contraction. Both buyers and sellers are lacking in confidence, so that the originally hot property market quickly entered a freezing period. At the same time, the bold prediction of McLaughlin, Chief Economist of Cukun & Company – “The good days when working families can easily buy high-quality housing anywhere in the United States are over. The soaring housing prices in the past two years have led them to buy houses. The period of time may be extended by 5 to 10 years.”
The rising interest rates have greatly increased the pressure on buyers to repay; while the continued rise in housing prices has hit the purchasing power of home buyers. In the end, the demand for home purchases dropped sharply, and house prices changed from rising to falling.
Data sources: Federal Reserve Board, National Association of Home Builders
2022The total annual sales of finished houses have decreased for 12 consecutive months, and house prices will remain stable in the second half of the year Based on the growth trend, the sales of finished houses in December were only 4.03 million units, falling for 11 consecutive months.
Data source: US Federal Reserve
2022 The decrease in the housing start rate in the United States in 2019 has made the polyurethane insulation used in building materials Materials have also been reduced. The United States, as the largest importer of polyurethane from China, will see a year-on-year decrease of 20.1% in 2022. In addition, the demand for furniture in the United States has also decreased due to the decrease in existing home sales. According to data released by the U.S. Department of Commerce, in 2022, the retail sales of furniture in the United States will reach 143.4 billion U.S. dollars, a year-on-year increase of 1%, ranking among all retail industries in the United States. The increase ranks the bottom. It can be seen that the U.S. real estate industry will be in the cold in 2022. KPMG chief economist Diane Swonk predicts that “U.S. housing prices may fall by 15% in 2023.”
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