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Pandemic-Era Demand Squeezed Housing Inventories

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Abstract

The housing market experienced historically low levels of inventory along with rapid price growth in the two years following the onset of the pandemic. Analysis of national and county-level housing data suggests this price surge was fueled by heightened demand rather than low supply. The inflow of new listings remained at pre-pandemic levels, but the outflow due to sales was unusually high, which fed into the low inventory. By mid-2022, rising mortgage rates moderated demand, allowing inventory levels to return to pre-pandemic trends.

Suggested Citation

  • Valeska Fresquet Kohan & John Mondragon & Adam Hale Shapiro, 2025. "Pandemic-Era Demand Squeezed Housing Inventories," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2025(01), pages 1-6, January.
    • Handle: RePEc:fip:fedfel:99389
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