New Home SalesCENSUS
644K
U.S. Housing Market · 2022
U.S. Housing Market in 2022
Fed hikesrate-driven freezelock-in begins
Existing SalesNAR
5.03M
Median PriceNAR
$386,300
30Y MortgagePMMS
5.34%
The Federal Reserve hiked seven times in 2022, lifting the federal funds rate from 0–0.25% to 4.25–4.50% by year-end. The 30-year fixed mortgage rose from 3.4% in January to 7.1% by November, averaging 5.34% for the year.
Existing-home sales fell from 6.12M (2021) to 5.03M as rate-sensitive buyers exited the market — and prices kept rising. Median existing-home prices climbed 8.2% YoY to $386,300, even as transaction volume cratered. The mismatch reflected supply: with 60%+ of mortgaged owners holding loans below 4%, almost no one was selling, and the few homes listed cleared at full ask or above.