The Joint Center for Housing Studies of Harvard University published The State of the Nation’s Housing
The report is very interesting, but a bit dense, so we compiled a few of the most interesting pieces (with page number references) below!
Housing construction at an all time high (page5)
“Single Family stats hit 1.1 million in 2021, exceeding the million-unit mark for the first time in 13 years. Multifamily starts were also at a 30-year high of 470,000 units. The last time housing production was nearly as high was 1973.”
The outlook (page 8)
“Assuming that the Federal Reserve can take runaway inflation without causing a series downturn, the near term outlook for housing demand is largely positive. Demographic shifts are favorable, unemployment is low, and wage growth remains strong. Conditions on the supply side are also encouraging, with supply-chain delays diminishing and a record number of homes set for completion in the coming months.”
Home Price Appreciation Set New Records in the Past Year (Page 9)
“This song trajectory left home prices 38.6% above their early 2020 level and more than double the 2012 low. Indeed nominal home prices stood 59.5% above the mid-2000s peak early this year while the real home prices were up 14.4%.”
For sale inventory at an all time low (page 11)
“Fewer existing homes were available for sale in January 2022 than at any point since the late 1990s.
Home Equity Growth (page 27)
Housing Challenges (page 37)
Section 6 of the The State of the Nation’s Housing presents some of the challenges we may face in the future.
Click here to read the entire State of the Nation’s Housing Report.