Since the onset of COVID-19, home prices in the U.S. have escalated dramatically, rising 42% from mid-2020 to mid-2022. Recently, a further 5% increase has exacerbated the housing affordability crisis, with around 75% of American households unable to afford typical homes. Factors contributing to this issue include a substantial supply shortage, estimated at 4.5 million housing units. However, localized market variations reveal certain states where home prices have decreased, highlighting a divergence in national trends.
The significant increase in U.S. home prices since the COVID-19 pandemic has led to an affordability crisis, with 75% of households unable to afford a typical home.
Real estate markets are localized; despite rising prices nationwide, some states have seen a meaningful decline in home prices over the past year.
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