With Covid encouraging city dwellers to move to the suburbs and families looking for home offices and larger courtyards, prices for that American dream home have skyrocketed.
Home prices It was up 13.2% year over year in March, according to the S&P CoreLogic Case-Shiller National Home Price Index.
“Everyone expected that housing would really dry out with the rest of the economy,” said Jerry Howard, CEO of the National Association of Home Builders. “In fact, the opposite happened. People scared out of the cities by the pandemic.”
With homeowners who don’t want to sell, a Record low supply of houses for sale has forced buyers into intense bidding wars. At the end of April, there were just 1.16 million homes for sale in the US, a 20.5% year-over-year decrease.
Higher costs for land, labor and building materials, including lumber, have also had an impact House builder.
With the 30-year fix Mortgage rates Why is housing supply so scarce as it approaches a 50-year low and strong demand that drives prices to an all-time high? Check out the video to find out if the US is running out of houses.