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United States housing brief, March 2022

Author(s):

Year:

2022

Publication type:

Research Note (RN)

Primary Station(s):

Forest Products Laboratory

Source:

FS Research Note

Description

In aggregate, March 2022 housing data were mostly positive. Housing starts were buoyed by multifamily starts. Total starts were at the greatest level since 2006, with single-family starts declining. Total permits remained subdued; single-family permits decreased, which may be a result of the difficulties in completing houses. Total housing units under construction were the most since March 1973. Housing completions also remained problematic as completions were restrained due to building materials and product shortages, combined with other factors. The disparity between the number of houses started and houses completed were at the greatest level since 1984. This spread was evident for both single- and multifamily starts as builders awaited building materials and products necessary to complete started houses. New and existing house sales were negative, due to a lack of available inventory for sale and increasing mortgage interest rates. Increasing mortgage rates, in combination with record house prices, may reduce affordability for potential house buyers.

Citation

Alderman, Delton. 2022. United States Housing Brief, March 2022. Research Note FPL-RN-0413. Madison, WI: U.S. Department of Agriculture, Forest Service, Forest Products Laboratory. 6 p. https://doi.org/10.2737/FPL-RN-413.

Cited

Publication Notes

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https://www.fs.usda.gov/treesearch/pubs/64431