There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years. That’s a big part of what’s driving up home prices much faster than incomes, and making homeownership less affordable for more and more Americans.
“We are simply facing a housing shortage, a major housing shortage,” says Lawrence Yun, the chief economist at the National Association of Realtors which tracks home sales. “We need to build more homes. Supply is critical in the current environment.”
The median price for previously owned homes has hit a new record at $313,000, up 16% from a year ago, the Realtors group said Thursday. There are other factors at play. Many people are buying bigger homes amid the pandemic because they are working remotely, often along with kids doing remote schooling.
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