Realtor.com is now projecting that the US inventory of existing home for sale will surge by 15% this year, revising its original 2022 forecast that supply would only grow by 0.3%.
Realtor also significantly downgraded its forecast of existing home sales this year, projecting that sales will drop 6.7% in 2022—a swing of nearly 12 points from its original forecast that home sales would go up by 6.6%.
However—spoiler alert: here comes some whiplash—Realtor actually raised its forecast for the median price appreciation for existing home sales: it now projects median price increases of 6.6%, more than double its original projection of a 2.9% increase in 2022.
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