Housing Shortage Update - Summer 2022
Tuesday, August 02, 2022
After two grueling pandemic years, a weary world rang in a tumultuous 2022. With rapid inflation, stock market volatility, and the global ripples caused by an excruciating war in Europe, the only certainty seems to be uncertainty. The current housing market is compounding those challenges in the United States. Thanks to pandemic shutdowns, labor shortages, and supply chain issues, housing inventory at the end of 2021 was already low. With a shortage of approximately 1.5 million homes, there is less inventory to rent or buy than there has been at any time in the past 30 years.