35.4%: Home Sales Drop

Sales of existing homes dropped 35.4 percent between November 2021 and November 2022, when the most recent data from the National Association of Realtors was available.

The rapid rise in mortgage rates has slowed homebuying activity dramatically across the country after it reached a fever pitch during 2021, with rates hovering around 7 percent at times during November.

$928 Million: iBuyers Got Walloped

You mean buying and flipping houses doesn’t work like day trading stocks?!

The iBuyer Opendoor tallied jaw-dropping losses during the third quarter of 2022, racking up just shy of a billion dollars in losses at $928 million, finding itself a victim of the slowing housing market as it was forced to sell houses for less than it purchased them.

Shortly after its third-quarter earnings report, the iBuyer dramatically shook up its executive suite, removing founder Eric Wu as CEO while its president resigned. The same month saw Redfin shut down its iBuyer RedfinNow, signaling a shaky future for iBuyers.

8.4%: Rents (finally) Slow their Role

Rents rose 8.4 percent on a year-to-year basis in November 2021 — the most recent month for which data was available — half the rate they rose at in February 2022, when they jumped 17.1 percent year over year.

Rents even declined 0.4 percent between October and November, according to data from Zillow, closing the door on a nearly two-year period that saw rents increase at an above-average pace every month.

10.1%: Price Growth Declines

Price growth for homes in the U.S. slowed to an annual rate of 10.1 percent between October 2021 and October 2022, a significantly slower rate than earlier in 2022, when they reached a peak of 20.1 percent growth in April, according to data from the real estate intelligence firm CoreLogic.

Tapered demand brought on by high mortgage rates has managed to slow home price appreciation significantly but has not yet caused a noticeable drop in values on a national level. CoreLogic economists predict that annual growth will slow to 4.1 percent by October 2023.

$173 Million: Most Expensive Sale

The most expensive home sold in 2022 was this beachfront home near Palm Beach, Florida.

Billionaire internet entrepreneur Jim Clark purchased the sweeping 15-acre property in March 2021 from the Ziff publishing family for $94.2 million, only to turn around and get it under contract in mid-June 2022 for $173 million, The Wall Street Journal first reported.

Talk about a flip…

$357,733: The Avg Home Value

The typical home was valued at $357,733 in November 2022 after beginning the year at $334,081 in January, an increase of $23,652, according to data from Zillow.

Home values climbed at a far less dramatic rate than they did in 2021, when they rose by $45,767 between January and November, according to Zillow’s data, partially due to high mortgage rates sapping buyer demand out of the market.

$393,977: The Median Sale Price

The median sale price for the typical U.S. home sat at $393,977 in November 2022, a 2.9 percent increase from the previous year, according to data from Redfin.

The rate of growth slowed dramatically from earlier in the year, such as in January 2022 when the median sales price of $357,300 clocked in at 14 percent higher than the previous year’s median price.

The rapid rise in mortgage rates greatly slowed price growth as buyers retreated from the market but did not manage to bring home prices down significantly.

7.5%: Mortgage Rates Peak

Much, if not all, of the pitfalls of the 2022 housing market can be attributed to the steep rise in mortgage rates.

After reaching new lows of less than 3 percent during 2021 rates shot up in 2022, and in October, exceeded 7.5 percent — far above what most analysts predicted they would reach at the beginning of 2022 as the Federal Reserve waged war against inflation. Rates have since retreated slightly from their highs but remain double what they were at the beginning of the year.

$1.09 Million: The Conjuring House is One of Years Best Flips

After purchasing the home in Rhode Island where the events that inspired The Conjuring franchise took place for $439,000 in 2019, the husband and wife paranormal investigator team sold the same house for $1.525 million in 2022, after listing it for just $1.2 million.

The buyer was Jacqueline Nuñez, a real estate developer from Boston. The closing price on the historic and supposedly haunted house illustrates the steep growth in home values that took place during the COVID-19 pandemic and continued to take place during 2022, if at a slower rate than the preceding two years.

37 Days: Days on Market Avg Increases

The typical American home spent a median of 37 days on market during November 2022, according to Redfin, a 15 percent increase from November 2021.

Homes spent more and more time on market during the latter half of 2022 as mortgage rates increased and the market transitioned away from one of the strongest seller’s markets in years.

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