Houses – You’ve definitely seen the news about the red-hot housing market, where home prices are up 20% only last year. Those rising prices are mainly due to a severe shortage of housing inventory that continued throughout the pandemic.
There were 48.5% fewer active listings only in the last month, in comparison to May 2020, according to recent data from Realtor.com. Shipping delays and shortages of lumber, alongside any other raw materials helped drive up the costs for many home builders and also slowed down the pace of construction. Thankfully, there might be some signs that construction is picking back up again. For now, buyers might expect slim pickings and very high prices.
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