The COVID-19 pandemic has caused a significant surge in U.S. housing costs, with the median home price reaching $439,950 by July 2024, highlighting ongoing economic effects.
Due to pandemic-related work disruptions and supply chain issues, new-home construction has drastically underperformed, requiring an estimated 4 to 7 million new homes to meet demand.
As mortgage rates soar, many homeowners are hesitant to sell, leading to further restrictions in housing inventory, intensifying the existing housing shortage.
The shift to remote work and social distancing increased housing demand during the pandemic, evidenced by a record spike in new single-family home sales in October 2020.
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