The article discusses the unprecedented rise in home prices, which have surged 30% over five years to reach $443,000 in 2024. A combination of high mortgage rates and monthly costs has created a challenging environment for potential homeowners, pushing many towards renting instead. The primary cause is a severe housing shortage resulting from years of underbuilding following the 2008 recession. Although recent trends suggest a slight easing in price growth, the market remains challenging for both buyers and sellers due to sustained high costs and a limited inventory of housing options.
Home prices have surged 30% over the past five years, hitting a record high of $443,000 in 2024, creating unprecedented challenges for would-be homeowners.
Too many buyers are competing for too few properties, creating a supply-and-demand imbalance that stems from years of underbuilding homes since the 2008 recession.
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