2020s United States housing bubble

The 2020s United States housing bubble was a sharp run up in housing price values in the United States that started during the COVID-19 pandemic and the fiscal and monetary policy that followed. Housing prices increased nearly 50% nationally in the first 4 years of the 2020s.
Causes
There was a series of Coronavirus relief bills and paycheck protection programs in 2020 and 2021. The Federal Reserve also eliminated the reserve requirement from 10% to 0% for large banks on March 26, 2020, causing money supply to increase over 25% year-over-year by February 2021.
Mortgage interest rates
Interest rates on mortgages fell to an all-time low of under 3% on a 30-year fixed rate mortgage in July 2020. With low interest rates and COVID relief cash, banks set a record of $4.1 trillion in 2021 and $4.4 trillion in 2022 of mortgage purchases and mortgage refinancing, causing a housing inventory record low by January 2022.
Rent
Average rent prices increased over 20% nationally within the first 2 years of the pandemic, much more quickly than rent increases during the 2000s United States housing bubble.

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