The housing market experienced historically low levels of inventory along with rapid price growth in the two years following the onset of the pandemic. Analysis of national and county-level housing data suggests this price surge was fueled by heightened demand rather than low supply. The inflow of new listings remained at pre-pandemic levels, but the outflow due to sales was unusually high, which fed into the low inventory. By mid-2022, rising mortgage rates moderated demand, allowing invento...| Federal Reserve Bank of San Francisco
Housing prices surged as housing inventories dropped to historically low levels in the first two years following the onset of the pandemic. In our Economic| Federal Reserve Bank of San Francisco