United States housing brief, August 2022
| Authors: | Delton Alderman |
| Year: | 2022 |
| Type: | Research Note |
| Station: | Forest Products Laboratory |
| DOI: | https://doi.org/10.2737/FPL-RN-418 |
| Source: | Forest Service Research Note |
Abstract
In August, the Federal Reserve Board of Governor’s focus for a "housing reset" was in full force. Month-over-month data continued a negative movement in many data categories. Year-over-year data were similar. Single-family permits decreased again, which foreshadows further moderation in single-family activity in the forthcoming months. The impact of increasing borrowing costs, slow income growth, and still-elevated house prices have resulted in a major obstacle for new and existing house sales. The number of potential buyers is dwindling quickly, and first-time buyers also are being constrained due to increasing interest rates. Apartment vacancy rates are minimal, and a dearth of single-family houses have strengthened multifamily construction. August was the seventh consecutive monthly decrease for existing house sales.