New research from Realtor.com shows the U.S. is short 5.24 million homes, an increase of 1.4 million from the 2019 gap of 3.84 million.
According to the Census, 12.3 million American households were formed from January 2012 to June 2021, but just 7 million new single-family homes were built during that time.
Meanwhile, single-family home construction is running at the slowest pace since 1995.
Supply chain issues are making it next to impossible for builders to make a dent in closing the gap.
Due to the shortage, prices for new and existing homes are rising at a record pace.
Read the full story on CNBC here.