Posted 1/29/2024, 3:34:00 PM
Homebuilding Boom Coming in 2024 But Won't Solve Housing Shortage
- More homes will be built in 2024, but inventory shortage will persist with a deficit of 1.5-2 million units
- Years of under-building since the Great Recession has led to a chronic housing shortage
- The median house price remains near all-time highs despite limited inventory growth
- Pending home sales and mortgage applications picked up in December, suggesting demand is increasing
- Rebalancing the housing market will take years due to the large deficit that has built up