U.S. Housing Market Is Almost 4M Homes Short
A recent story on Realtor.com says homebuyers in the market for a new home in 2020 are facing extremely low inventory. According to the detailed analysis, the 5.9 million single-family homes built between 2012 and 2019 are not enough to offset the nearly 10 million new households formed in that time.
“New home starts are not keeping pace with demand,” said Javier Vivas, director of economic research at realtor.com told Connect Media. “Homebuilders have a mountain of opportunity, but a big hill to climb. The current inventory crisis and the need for 3.8 million new homes means a nearly insatiable appetite from potential buyers, especially in the lower end of the market.”