Home prices continued to reach for the sky in the first quarter of 2022, despite the fact that winter is typically the least expensive time of year to buy. With high prices paired with still-shrinking inventory, a competitive market became even more difficult to navigate.Home prices continued to reach for the sky in the first quarter of 2022, despite the fact that winter is typically the least expensive time of year to buy.
Affordability falls: Prices outpace income Homes in the most populous metro areas were listed at six times the typical first-time buyer income in the first quarter, compared with 5.5 times their income in the previous quarter. This marks the first time in the history of this analysis that affordability has gotten so bleak. Across the nation, homes were listed at 5.9 times the median first-time buyer income.
Also see: America’s national average gas price just hit $5 per gallon for the first time ever. Prepare for prices ‘to go even higher,’ GasBuddy says. Read: Prepare yourself: ‘The U.S. housing market is at the beginning stages of the most significant contraction in activity since 2006’ Tap to View Two-year inventory change shows pandemic-era impact Comparing average active listings in the first quarter of 2020 with the start of 2022 illustrates just how depleted the market has become over the course of the pandemic. Nationally, during that two-year period, the number of active listings fell 62%. But in some metros, it has fallen much more.
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