There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years.
“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.”
“Housing inventory shortages have pushed national home prices considerably higher,” says Joel Kan, vice president of economic forecasting for the Mortgage Bankers Association.
“We have been under producing for the past decade,” Yun says. “We need more construction.”