US housing markets continue to cool as higher costs weigh on both homeowners and renters. On the for-sale side, home sales and construction levels have declined while rental markets are experiencing sharply reduced rent growth and rising vacancy rates. Nevertheless, home prices and rents remain elevated from pre-pandemic levels, leaving millions —including a disproportionate share of people of color—struggling with housing cost burdens, priced out of homeownership, or without shelter at all.
