Expected Home Price Increases Accelerate over the Short Term but Remain Stable over the Medium Term
Fatima-Ezzahra Boumahdi,
Leo Goldman,
Andrew Haughwout,
Benjamin Hyman,
Haoyang Liu () and
Jason Somerville
No 20220418, Liberty Street Economics from Federal Reserve Bank of New York
Abstract:
The Federal Reserve Bank of New York’s 2022 SCE Housing Survey shows that expected changes in home prices in the year ahead increased relative to the corresponding timeframe in the February 2021 survey, while five-year expectations remained unchanged. Households reported that they would be less likely to buy if they were to move compared to the year-ago survey, marking the first annual decline since the series began in 2014. This drop was driven by current renters, who were much less likely to buy compared to renters in the 2021 survey. Renters also reported that they expect rents to be sharply higher twelve months from now, with the expected rate of increase more than twice that reported a year ago. The expected price of rent five years ahead also rose compared to expectations a year ago, but at a more moderate pace.
Keywords: home price expectations; rent expectations; housing outlook (search for similar items in EconPapers)
JEL-codes: R31 (search for similar items in EconPapers)
Date: 2022-04-18
New Economics Papers: this item is included in nep-ure
References: Add references at CitEc
Citations:
Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2022 ... ver-the-medium-term/ Full text (text/html)
https://www.newyorkfed.org/medialibrary/interactiv ... _chartpacket2021.pdf Chart packet (application/pdf)
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:94009
Ordering information: This working paper can be ordered from
Access Statistics for this paper
More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().