flexiblefullpage - default
Currently Reading

Two Years After a Costly Pandemic, the Housing Market Is on the Cusp of Big Change

Market Data + Trends

Two Years After a Costly Pandemic, the Housing Market Is on the Cusp of Big Change

The current state of the nation's housing market may feel a bit unnerving to priced out buyers, but a recent report from Harvard's Joint Center for Housing Studies also outlines a few key silver linings

June 27, 2022
Newspaper and housing models under magnifying glass
Image: Stock.adobe.com

The cost of homeownership has soared to historic proportions over the last several years, and to make matters worse, so too have prices for gas, food, and other necessary consumer goods. Americans are hurting in an overheated economy, but experts hope that the Fed’s recent inflationary control measures will rein in prices and put a damper on homebuyer demand.

According to Harvard University’s Joint Center for Housing Studies, home price appreciation reached 20.6% in March 2022, the largest increase in three decades of market recordkeeping. In the meantime, rents also shot up 12% nationwide during the first quarter of 2022. With a narrowing inventory of existing homes and apartments on the market, buyers and renters could be battling an affordability crisis for much of 2022, but prices in some regions are beginning to drop from peak highs.

Although leveling off from the record surge in 2021, both home prices and rents are still rising because of the severe constraints on supply. Indeed, the inventory of existing homes for sale set a new low of 850,000 units in January 2022 before edging up to 1.0 million units in April, still down 10 percent from the year-earlier level. Rental vacancy rates in the professionally managed apartment stock also reached an all-time low of 4.8 percent in the third quarter of 2021 and held at just 5.0 percent in the first quarter of 2022. 

Read more

Related Stories

New-Home Sales

The Housing Market Is Rebalancing, and Those Who Can Still Afford Homes Are Poised to Benefit

List prices are beginning to fall as active inventory spends more time on the market, meaning that those still searching for homes are finding more options and less competition


Mortgage Application Activity Drops to Lowest Level in Over Two Decades

As housing costs continue to surge and prospective buyers back out of home purchases, fears of a recession are mounting, and mortgage application activity is falling as a result

Manufacturers + Suppliers

These Two Trade Hurdles Could Prolong an International Supply Chain Storm

From stalled manufacturing in China to failed labor negotiations in the United Kingdom, supply chain obstacles are mounting across the globe

boombox1 -
native1 - default

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.