The housing market was on a wild ride this year. Here's what to expect in 2022

And we can expect rates to move even higher in the new year. "Mortgage rates should remain range bound around 3% through the end of the year and hopefully through the first two months of 2022," said Cohn, who anticipates rates to increase by up to a half a percentage point over the next couple of months. The inventory of homes at the lower end of the price range was so tight that the number of sales priced between $100,000 and $250,000 were down by nearly 20% in November, according to NAR.

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