Consumer News: Home prices and inflation expected to continue rising in 2022

Consumer News with ABC Columbia is brought to you by Grow Financial.

CNN– The higher costs of owning a home or buying a new one is expected to follow us into the new year. According to the Federal Housing Finance Agency, the average home prices skyrocketed nearly 20% through the third quarter of 2021 compared to a year ago. This is the fourth highest level since tracking began. The strongest growth was in the south and southeast, but every region reported double-digit gains. With inventory expected to stay low, fierce competition is expected to keep those prices soaring.

Global supply chain issues helped lead to inflation not seen in decades, with prices skyrocketing for nearly everything we bought this past year. Economic experts say that with high pent-up demand, many of those costs will likely stick around with us in the new year, including those home prices we just talked about. Jenn Sullivan takes a closer look at which other items you can expect to continue costing you more in 2022.