Since the onset of COVID-19, U.S. home prices have surged nearly 38% nationwide, with Florida experiencing a 33% increase due to supply-demand imbalances.
The pandemic exacerbated a pre-existing housing shortage, necessitating an estimated 4 to 7 million new homes to balance the current market demand.
Homeowners reluctant to sell due to locked-in lower mortgage rates further constrains housing supply, contributing to the continual rise in property prices.
The transition to remote work during the pandemic led to a significant spike in home sales, with new home sales reaching heights not seen in over a decade.
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