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Fed Chair: Housing Market Boom A “Passing Phenomenon” Alex Shoemaker © Andy Dean Photography/Shutterstock The boom in the U.S. housing market that caused a spike in demand and selling prices since the start of the coronavirus pandemic might be coming to an end. In a January 27 press conference, Federal Reserve Chairman Jerome Powell suggested the surge was unsustainable and likely to end soon. Some of the tightness in housing markets, which has led to the significant price increases this year, we think is a passing phenomenon, Powell said. There was a lot of pent-up demand. There’s a one-time thing happening with people who are spending all of their time in their house. And they’re thinking either I need a bigger house, or I need another house, and a different house. Or a second house in some cases. So there’s a one-time shift in demand that we think will get satisfied, also that will call forth supply. And we think that those price increases are

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