Pandemic-Era Demand Squeezed Housing Inventories

Valeska Fresquet Kohan, John Mondragon and Adam Shapiro

FRBSF Economic Letter, 2025, vol. 2025, issue 01, 6

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.

Keywords: pandemic; covid19; housing; inventories (search for similar items in EconPapers)
Date: 2025
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