United States Housing Brief, February 2022

In aggregate, February 2022 housing data were mostly positive. Housing starts were buoyed by an extraordinary surge in 2 to 4 unit starts (53,000 units), the most since August 2004 (67,000 units). Permits were subdued and this may be a result of the difficulties in completing houses. Total housing units under construction were the most since early 1973. Housing completions are problematic as they are restrained due to building materials and product shortages, combined with other factors. New and existing house sales also were subdued, primarily due to a lack of available inventory for sale. Increasing mortgage rates, in combination with record house prices, may reduce affordability for potential house buyers.