Dr. Ted C. Jones, Chief Economist of Stewart Title Recaps 2021 and Talks About What is Ahead
Dr. Ted Jones, Chief Economist with Stewart Title recently shared his recap of the 2021 real estate market, and he also provided a forecast of 2022. Dr. Ted Jones was interviewed by Bill Knapik, Host of the Real Estate Matters show aired on KPRC 950 AM on Sundays at 5:00 pm CST and on iHeart Radio.
Watch the full show.
Highlights from the Show
- Dr. Ted Jones predicts that there is a 20% - 30% overall correction on the market in 2022.
- You don’t want to buy a bond right now if interest rates increase because the return would be less if sold prior to maturity.
- Best existing housing sales in the last 14 years.
- 3rd quarter more commercial real estate sold in a single quarter than ever recorded in history.
- The median home price is up 13.1%. Average price up 8.2%.
- Inflation is the most it has been in 39 years, up 6.8%.
- Interest rates have remained low, and it is anticipated that rates will increase.
- Predicts an interest Fed Funds Rate increase by March and at least 3 times in 2022.
- Currently 3.0%, Fannie Mae forecasts 3.2% in 2022, and 3.5% in 2023.
- Mortgage Banker Association forecasts 3.1% in 2020, 4.0% next year, and 4.3% in 2023.
- Single-Family homes November 2020 compared to November 2021 is up 3.9%. This is an all-time record.
- Demand for housing is up 3.9% while supply is down 13.3% causing prices to rise.
- The Median Price for a single-family home in Houston is $314,000 which is up 16.3% year over year.
- Dr. Ted Jones forecasts a retraction of sales driven by affordability in 2022. Affordability is Dr. Ted Jones biggest concern for the overall economy in the United States.
For more information related to the real estate market, follow Dr. Ted Jones, Chief Economist for Stewart Title on Twitter.
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