{"id":4682,"date":"2022-12-29T01:50:57","date_gmt":"2022-12-29T01:50:57","guid":{"rendered":"https:\/\/imsfund.com\/?p=4682"},"modified":"2022-12-29T01:50:57","modified_gmt":"2022-12-29T01:50:57","slug":"a-tale-of-two-halves","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2022\/12\/29\/a-tale-of-two-halves\/","title":{"rendered":"A Tale Of Two Halves"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\"><button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">It\u2019s finally over! The crazy, unpredictable, and just plain weird housing market of 2022 has ended. Though analysts like me will likely be studying the 2022 housing market for years to come, we can finally take a quick look back at what happened this year and infer what might be in store for the year to come.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">2022 was a tale of two halves. January through\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/the-housing-market-correction-has-begun\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">May\/June<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0was one type of market, and July through December was a very different market. It\u2019s not possible to determine the shift\u2019s exact date, but it was within this timeframe.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The First Half<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Through the first half of 2022, we saw a continuation of the wild appreciation that defined 2021. Every major variable that influences housing prices was putting upward pressure on the market. There was strong demographic demand fueled by millennials reaching their peak home-buying years. A decade of underbuilding contributed to a nationwide\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/this-housing-market-isnt-like-2008-but-you-should-still-be-concerned\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing shortage<\/span><\/a><span data-preserver-spaces=\"true\">. Inventory was almost non-existent. And, of course, mortgage rates were historically low.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But then, things changed. In March of 2022, the Federal Reserve started raising the federal funds rate, pushing up bond yields and mortgage rates. The change of policy actually spiked demand as homebuyers and sellers rushed to transact before the full impact of higher mortgage rates were felt. This, combined with normal seasonality, allowed the party to continue and for prices to continue going up for a few extra months.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">The Second Half<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Eventually, the impact of skyrocketing mortgage rates took hold. Already facing ultra-high home prices, higher mortgage rates priced many homebuyers out of the market, and demand fell. When demand falls, inventory tends to rise, which is exactly what happened.<\/span><\/p>\n<figure class=\"wp-block-image size-large\"><picture decoding=\"async\" class=\"wp-image-146126 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-1024x603.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-300x177.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-768x453.webp 768w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM.webp 1378w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-1024x603.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-300x177.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-768x453.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM.png 1378w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-1024x603.png\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-146126 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 2\" alt=\"Screen Shot 2022 12 28 at 3.22.52 PM\" height=\"603\" width=\"1024\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-1024x603.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-300x177.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM-768x453.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.22.52-PM.png 1378w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Months of Supply (2016-2022) \u2013 <a href=\"http:\/\/redfin.com\" target=\"_blank\" rel=\"noreferrer noopener\">Redfin<\/a><\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">As inventory rose, sellers who were drunk on power over the last several years started to lose their leverage. Slowly, buyers started to have more options, and a bit of balance returned to the market, pushing down prices.<\/span><\/p>\n<figure class=\"wp-block-image size-large\"><picture decoding=\"async\" class=\"wp-image-146127 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 3\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-1024x588.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-300x172.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-768x441.webp 768w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM.webp 1378w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-1024x588.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-300x172.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-768x441.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM.png 1378w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-1024x588.png\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-146127 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 3\" alt=\"Screen Shot 2022 12 28 at 3.23.02 PM\" height=\"588\" width=\"1024\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-1024x588.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-300x172.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM-768x441.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/Screen-Shot-2022-12-28-at-3.23.02-PM.png 1378w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><\/source><\/source><\/picture><figcaption class=\"wp-element-caption\"><em>Median Sales Price (2016-2022) \u2013 Redfin<\/em><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Some of the decline since June is seasonal, but as of December 2022, prices are down almost 10% off their May peak, and a typical seasonal decline is 5%-7%. The descent from the summer peak was deeper in 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s worth noting that although prices are declining, they are not in free fall. Prices remain up year-over-year, and inventory has started to moderate. Mortgage rates have come down from October to December, and there are signs that the drop-off is becoming less steep. At this point, we remain in a correction, but not a crash.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">What Will Happen In 2023?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Will we see a continuation of the downward trend we\u2019re in now? Will things get worse? Or could the market reverse?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To me, it will again be a tale of two halves. I believe in the first half of 2023, we\u2019ll see a continuation of the market we\u2019re in now: sellers don\u2019t want to sell, and buyers don\u2019t want to buy. Of course, deals are still underway, but I expect sales volume to remain well below what we\u2019ve seen for the last 7-10 years. Even though inflation is moderating, there remains too much uncertainty in the economy for the market to stabilize fully.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Hopefully, during the first half of 2023, we will see inflation come down and get more clarity about what is happening with the global economy. But what really matters for housing volume and home prices is about one thing: affordability. If housing stays as unaffordable as it is now, sales volume and appreciation will stay low. If affordability recovers, I expect the housing market to stabilize and perhaps even see a modest recovery in the second half of 2023.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It sounds overly simplistic, but housing is just too unaffordable in current market conditions.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2022\/08\/12\/it-was-less-affordable-to-buy-a-home-in-june-than-its-been-in-33-years\/?sh=3bdaa7ff717b\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Some estimates say that housing is the least affordable it\u2019s been in over 40 years.\u00a0<\/span><\/a><span data-preserver-spaces=\"true\">Until this changes, the housing correction is here to stay. The housing shortage and demographic demand haven\u2019t gone anywhere. As soon as affordability improves, I think housing market activity will resume.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Will Affordability Improve?\u00a0<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Affordability is made up of three factors:\u00a0<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Real wages<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Home prices<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Mortgage rates<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">Affordability can improve if wages go up or home prices and\/or mortgage rates decline. Let\u2019s take a quick look at if any of these things can happen.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Real wages<\/span><\/h3>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.bls.gov\/news.release\/realer.t01.htm\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">According to the Bureau of Labor Statistics,<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0real (inflation-adjusted) wages are down about 2% year-over-year but have ticked up about 0.5% since September. Nominal (not inflation-adjusted wages) is actually up a lot, but inflation is too high and wipes out all of those gains.<\/span><\/p>\n<figure class=\"wp-block-table is-style-regular\">\n<table>\n<thead>\n<tr>\n<th>Real Earnings<\/th>\n<th>November 2021<\/th>\n<th>September 2022<\/th>\n<th>October 2022<\/th>\n<th>November 2022<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Real average hourly earnings<\/td>\n<td>$11.21<\/td>\n<td>$10.95<\/td>\n<td>$10.95<\/td>\n<td>$11.00<\/td>\n<\/tr>\n<tr>\n<td>Real average weekly earnings<\/td>\n<td>$390.20<\/td>\n<td>$377.71<\/td>\n<td>$377.80<\/td>\n<td>$378.42<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<p><span data-preserver-spaces=\"true\">Although it\u2019s a positive sign that real wages have ticked up a bit, it\u2019s very modest. It is possible that, as inflation moderates, real wages will go up\u2014but I find it unlikely that that will happen in a meaningful way. To me, concerns about a slowing economy will slow the pace of wage growth alongside inflation. Therefore, no real progress on real wages will be made.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Housing prices<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">One area where affordability is likely to improve is home prices. Residential real estate prices will likely see year-over-year declines nationally, making homes more affordable. For affordability to really improve, we\u2019d probably have to see prices drop more than 10%, and it\u2019s very unclear if that will happen. If prices drop at all, and by how much, it will depend very much on mortgage rates.<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">Mortgage rates<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Mortgage rates can be confusing, especially recently. The Fed continues to raise the federal funds rate and has signaled they intend to keep doing so into 2023. Yet, mortgage rates are falling. What\u2019s going on here?\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Mortgage rates are not directly tied to the federal funds rate. Instead, it is very closely tied to the yield on 10-year treasuries. So, in a way, mortgage rates are more influenced by bond investors than by the Fed (although bond investors are highly influenced by the Fed. It\u2019s confusing, I know).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Over the last several weeks, bond yields have fallen for two reasons. First, inflation is moderating faster than expected, which tends to cause a rally in bonds, sending bond yields down.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Secondly, there are fears of a global recession. These fears tend to prompt global investors to seek the safety of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnbc.com\/us-treasurys\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">U.S. Treasury bonds<\/span><\/a><span data-preserver-spaces=\"true\">, which pushes bond prices up and bond yields down. When bond yields fall, mortgage rates also tend to fall, which is exactly what we\u2019re seeing. So, mortgage rates\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/mortgage-rate-outlook-2023\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">may fall next year<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and end the year somewhere between 5.5% and 6.5%, down from the most recent peak of 7.23% in October 2022.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Conclusion<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">If my premise that the 2023 housing market hinges on affordability is correct, then there are two plausible outcomes for the second half of 2023.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">First, mortgage rates fall, along with modest price declines (less than 10%), combining to increase affordability during the second half of 2023. This would likely cause a bottoming of the housing market in Q1 2024, and we\u2019d start to see growth in the market again come early 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The other option is affordability doesn\u2019t improve in 2023, probably due to persistently high inflation and mortgage rates. If that happens, the second half of 2023 will look like the first half of 2023, and we\u2019re likely in for a longer correction. In this scenario, we will probably see housing prices drop 10-20% over the next two years, and we won\u2019t see a bottoming of the market until late 2024\/early 2025.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s tough to know what will happen, given the amount of economic uncertainty. As of this writing, I think the first scenario is more likely given the recent trends in inflation and bond yields. But both options are reasonably likely at this point. Unfortunately, the next twelve months are cloudy at best.\u00a0<\/span><\/p>\n<p><em><span data-preserver-spaces=\"true\">What do you think will happen in 2023? Let me know in the comments below.\u00a0<\/span><\/em><\/p>\n<div class=\"is-layout-flow wp-block-group border border-gray-200 p-6 rounded-md has-slate-50-background-color has-background\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<h3 class=\"has-text-align-left mt-0\"><strong>On The Market is presented by Fundrise<\/strong><\/h3>\n<figure class=\"wp-block-image size-large is-resized\"><picture decoding=\"async\" class=\"wp-image-142373 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 4\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.webp 1024w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.webp 300w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.webp 768w,https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.webp 1380w\" sizes=\"(max-width: 256px) 100vw, 256px\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.png 1380w\" sizes=\"(max-width: 256px) 100vw, 256px\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png\" decoding=\"async\" loading=\"lazy\" class=\"wp-image-142373 sp-no-webp\" title=\"2022 Housing Market Review: A Tale Of Two Halves 4\" alt=\"Fundrise logo horizontal fullcolor black\" height=\"63\" width=\"256\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-1024x252.png 1024w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-300x74.png 300w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black-768x189.png 768w, https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/04\/Fundrise-logo-horizontal-fullcolor-black.png 1380w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\"\/><\/source><\/source><\/picture><\/figure>\n<p class=\"mb-0\" style=\"font-size:16px\"><strong>Fundrise is revolutionizing how you invest in real estate.<\/strong><\/p>\n<p class=\"mt-0 has-slate-600-color has-text-color\" style=\"font-size:16px\">With direct-access to high-quality real estate investments, Fundrise allows you to build, manage, and grow a portfolio at the touch of a button. Combining innovation with expertise, Fundrise maximizes your long-term return potential and has quickly become America\u2019s largest direct-to-investor real estate investing platform.<\/p>\n<p><a href=\"https:\/\/t.sidekickopen84.com\/s3t\/c\/5\/f18dQhb0S7kF8cpngfW16gy-_59hl3kW7_k2841CX6NGN35Qwt3rN_mgW56Jw3w1HcgXpf197v5Y04?te=W3R5hFj26QkH2W4hJTY63T3pkxW3Fbt5S3Cdl5cf49M_4s04&amp;si=8000000019411002&amp;pi=6988e0ed-1aea-4af5-9769-8a0de4675eeb\" the=\"\" market=\"\" blog=\"\" sponsor=\"\" click=\"\" referrer:=\"\" class=\" btn-shape inline-block no-underline has-background has-theme-blue-background-color has-text-color has-white-color\" target=\"_blank\" rel=\"noopener\">Learn more about Fundrise<\/a>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/2022-housing-market-review\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article It\u2019s finally over! The crazy, unpredictable, and just plain weird housing market of 2022 has ended. Though analysts like me will likely be studying the 2022 housing market for years to come, we can finally take a quick look back at what happened this year and infer what might be in store [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":4683,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/12\/2022-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-4682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/4682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=4682"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/4682\/revisions"}],"predecessor-version":[{"id":4684,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/4682\/revisions\/4684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/4683"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=4682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=4682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=4682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}