Housing construction is near a 49-year high, but is it enough?

Abstract

The State of the Nation’s Housing 2022 report finds that housing production is near a 49-year high. In March, home prices shot up a record 20.6% year-over-year, while rents were up 12% nationwide in the first three months of 2022 compared to a year earlier. The construction pipeline is skewed toward more expensive homes partially due to high construction costs. Nearly 1.4 million homes are under construction. Nearly 2,000,000 units were in the last year. Nearly 3.5 million homes have been built and 1.3 million people are currently in the U.S. and 2.3million people are on the market.