Monday Market Update: Access The Interactive NAR® Housing Shortage Tracker Here

The market is changing: the housing shortage is not. In this recently released Housing Shortage Tracker from the National Association of Realtors (NAR)®, you can view an interactive map of the US which is color-coded by the number of new houses being built to keep up with the number of jobs being created in that metropolitan area. As you will see based on the amount of red, there are high and moderate housing shortages in most of California (except for the Sacramento metro) and across the nation.

The data reveals that in the period from September 2021 to September 2022, 56,200 new jobs were created in the San Jose-Sunnyvale-Santa Clara metro, yet only 6,736 permits were issued (and only 3,168 of these were single family residences/SFRs). For the San Francisco-Oakland-Hayward region, 109,000 new jobs were created while 12,614 permits were issued (less than 4,000 of these were SFRs).

The snapshot below is linked to NAR®’s full, interactive version of the map. Do any of the shortages, or areas with adequate supply, surprise you? 

While it’s apparent that supply and demand is a countrywide issue, the resolutions are not necessarily universal. In a recent Fannie Mae blog, Executive Vice President and Chief Administrative Officer from Jeffery Hayward stated: “Every American city has a housing supply problem, but each city's housing supply problem is unique.” He explains that after the Great Recession, fewer new homes were built from 2008-2018 than any other decade since the 1960’s. He also mentions how “…pandemic-induced materials and labor shortage exacerbated the trend.”

Localized solutions involve not just building – but building homes that meet the affordability demographic and need of the area. Some markets will benefit from the construction of entry-level SFRs, others need multifamily units while other markets may need support with the preservation of existing SFRs. Read more here.

As November continues, we wish you all health, happiness and housing news that empowers you in his final stretch of 2022! 

~ Bobbi

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/