Housing prices rose sharply in the first two years after the pandemic began, a period that also saw housing inventories fall to historically low levels. According to an Economic Letter titled “Pandemic-Era Demand Squeezed Housing Inventories,” researchers found that this drop in available homes was mainly caused by unusually high demand for housing, rather than a decrease in supply.
A video discussion of these findings features John Mondragon, research advisor at the Federal Reserve Bank of San Francisco, who explains more about how housing demand shifted during and after the pandemic.
The authors of the report are John Mondragon, Adam Shapiro, and Valeska Fresquet Kohan. Mondragon serves as a research advisor and Shapiro is vice president in the Economic Research Department at the Federal Reserve Bank of San Francisco. Fresquet Kohan is a research associate in the same department.
The publication notes that “The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.”
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