The U.S. is facing a severe housing crisis with an estimated shortage of 4.5 million homes due to stalled construction since the 2008 financial crisis and the COVID-19 pandemic. This has led to soaring home prices, as supply constraints meet growing demand. The average home price reached $412,000, a 38% increase since January 2020, while wage growth has not kept pace, pushing affordability further out of reach for millions. Declining existing home sales and high mortgage rates, exceeding 6%, have deepened the inventory problem, resulting in a dramatic decrease in active home listings.
Housing affordability has become a significant issue as home prices soar while income growth stagnates, making it increasingly difficult for many Americans to buy homes.
The decline in existing home sales and increased mortgage rates have exacerbated the housing crisis, contributing to record-low inventory levels and rising home prices.
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