Since the onset of the COVID-19 pandemic, housing prices in the U.S. have soared by nearly 38%, with California experiencing a significant 30% increase in median home prices.
New-home construction has lagged behind demand due to pandemic-related work restrictions and supply chain issues, worsening a housing shortage that requires 4 to 7 million new homes to close the gap.
The shift to remote work centralized millions of Americans in their homes during the pandemic, causing a sales boom that saw new home sales volume surpassing 1 million in October 2020.
As mortgage rates reach historic highs, homeowners with lower-rate mortgages are hesitant to sell, aggravating the already constrained housing inventory and driving prices higher.
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