The good news in early 2022 was an apparent slowdown in the runaway home sales prices that had characterized the previous year. Homes that consistently sold for over the asking price seemed to be on the market longer, and there were fewer bidding wars.
Contractors, real estate agents, and homeowners have been hyper focused regarding what the selling market will look like within the last few months of 2022 and into 2023. Will mortgage rates be favorable for people looking to purchase a home? How much housing inventory is available to meet rising demand? What will average home prices be as we start to ease away from pandemic fears?
While the pandemic had a major impact on workers having the ability to perform tasks safely, products across the country experienced major shortages due to supply chain issues. In the lumber industry, the commodity also experienced major changes as prices skyrocketed. Yet as we approach September of 2020, lumber prices are finally falling back to normal levels.