The US Housing Shortage is Far From Over.
The lack of supply, overwhelming demand, and bustling economy has brought attention to America’s housing shortage. The shortage has been a decade in the making do to underwhelming growth in US housing inventory following 2008. The National Association of Realtors estimates over the past decade + an under-building gap of 5.5m to 6.8m homes was created and remains today. New and resale inventories remain at multiyear lows paired with near record low interest rates is causing home prices to skyrocket, worsening the home affordability crisis in the US. The solution is to increase the supply and bring the market back to equilibrium though experts warn this will take years.