The typical home on the market in the U.S. had a list price of $439,950 in July 2024, up nearly $121,000 from the beginning of the pandemic.
Pandemic-related work restrictions and supply chain issues have hampered new-home construction, worsening an already decades-old housing shortage and limiting housing supply.
Many homeowners are reluctant to sell due to historic highs in mortgage rates, as they are locked in at lower rates.
Housing prices have surged amidst increased demand from a shift to remote work and social distancing, driving the sales volume of new homes to a high level.
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