Housing market cooling after record-shattering 2021
June 2, 2022 | 10:46 am CDT

The demand for housing is outstripped supply, according to a new study.

While the 2021 housing market had a record-shattering year, 2022 is likely to “cool,” according to the Joint Center for Housing Studies of Harvard University.

Housing-report

According to an initial data culled from the center’s State of the Nation’s Housing 2022 report, housing demand is far outstripping supply, and both home prices and rents rose at their fastest pace in decades. New construction also picked up sharply in a race to catch up with demand. But rising interest rates have already taken some heat out of the home buying market, and the historically large pipeline of new housing units under construction should bring some relief to tight housing markets. 

For lower-income households and households of color, though, the pressure of high housing costs is unlikely to relent. The surge in prices for gas, food, and other necessities has made matters worse, especially now that emergency government support is ending. The housing stock itself is in dire need of reinvestment to meet the demands of a rapidly aging population and the threats posed by climate change.  

The State of the Nation's Housing 2022 report is scheduled for release on June 22. For more information, click here

 

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Larry Adams | Editor

Larry Adams is a Chicago-based writer and editor who writes about how things get done. A former wire service and community newspaper reporter, Larry is an award-winning writer with more than three decades of experience. In addition to writing about woodworking, he has covered science, metrology, metalworking, industrial design, quality control, imaging, Swiss and micromanufacturing . He was previously a Tabbie Award winner for his coverage of nano-based coatings technology for the automotive industry. Larry volunteers for the historic preservation group, the Kalo Foundation/Ianelli Studios, and the science-based group, Chicago Council on Science and Technology (C2ST).