Housing Market Research Brief
Multifamily Developers to Plug Some Holes in the Housing Shortage in 2022
Swell in home buying inflames shortfall. In late 2021, the single-family housing landscape mirrored the conditions witnessed earlier in the year. For-sale inventory of both existing homes and finalized new homes trailed historical averages. Meanwhile, the desire for residences remains very strong, which continues to reinforce the imbalance between supply and demand. In November, purchases of existing homes climbed to the highest level since January of 2021, but the buying activity compressed listed inventory of these dwellings to the lowest count in five months. This combination resulted in the the median sale price moving up for the eighteenth straight month, to $367,250.