Since the onset of the COVID-19 pandemic, the United States has faced substantial inflation, with costs surging by 4.7% in 2021, 8.0% in 2022, and over 4% in 2023. Although inflation levels have slightly decreased recently, they still exceed the Federal Reserve's target of 2%. Contributing factors include pandemic-related supply constraints and heightened consumer demand. The housing market has been particularly affected, with average home prices showing considerable increases. While inflation affects all regions, some states have experienced price increases more severely than the national average, as indicated by regional price parity data.
Historic levels of inflation were fueled by pandemic-related supply constraints and increased consumer demand. Even though these imbalances have been corrected, prices remain elevated, affecting Americans significantly.
According to data from Realtor.com, the typical American home on the market in February 2025 was listed for $412,000, about 23% more than the median list price of $335,000 reported at the beginning of 2021.
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