The housing market outlook is still strong despite increased costs and interest rates, according to the State of the U.S. Housing Market 2022 report recently released by the Joint Center for Housing Studies of Harvard University. Home price appreciation reached a record high at 20.6% in March. Despite these challenges, housing construction is still strong with 1.64 million homes under construction as of April, the highest production rate since 1973.  Demand is being driven by the creation of an average annual rate of 1.6 million new households, mostly millennials, between the first quarters of 2020 and 2022.  This is up from the 1.2 million new households projected previously.  See Harvard

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