[20220218]IF12048_高房价：促成因素和政策考虑.pdf

https:/crsreports.congress.gov February 18, 2022High Home Prices: Contributing Factors and Policy ConsiderationsIntroduction Home prices have been rising over the past decade, with the rise accelerating during the COVID-19 pandemic (see Figure 1). Policymakers and the public have expressed concern over the impact high home prices may have on individuals, society, and the economy. This In Focus reviews a number of factors that have contributed to high home prices and discusses selected policy considerations. Figure 1. Home Prices January 1991-November 2021 Source: FHFA Purchase Only House Price Index. Notes: Index January 1991=100. Gray bars indicate recessions. The March-April 2020 recession was triggered by the onset of COVID-19. Contributing Factors There are several potential factors contributing to the rise in home prices, both over the past decade and since the start of the pandemic. But at the heart of the rise in home prices is the interaction between supply and demand: There are more people who want to buy homes than there are homes for sale. As a result, prices have increased. The upward trend in home prices over the last decade started in mid- to late 2011 partly as dema