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Anyone looking for a home today knows full well that options are slim. The supply of homes for sale in the United States is close to reaching a record low.
In United States 5.24 million homes are missing, which is an increase of 1.4 million compared to the gap of 2019, which was 3.84 million, according to a new study prepared by the real estate site Realtor.com.
The United States Census found that more than 12.3 million people looked for a new home from January 2012 to June 2021, but only 7 million new single-family homes were built during that time.
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Housing construction has suffered from a severe labor shortage that started long before the pandemic, but worsened with it.
Disruptions in the supply chain over the past year have pushed up the prices of building materials, and as pandemic-induced demand has skyrocketed, so have land prices.
Although the construction of new homes has been slower than since before the pandemic, builders are expected to double their recent pace of new home production to close the gap in a period of five or six years, according to the study.
“The pandemic has exacerbated the housing shortage in the United States, but data shows that the creation of homes outpaced the construction of new homes long before the arrival of COVID-19. In other words, the supply of new homes has not met the demand, ”said Danielle Hale, Realtor’s chief economist.
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Due to the shortage, prices for new and existing homes are skyrocketing. Homes with a median value of $ 300,000 are considered affordable, accounting for 32% of homebuilder sales in the first half of 2021, up from 43% in the same period in 2018.
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