Housing Shortage and Soaring Prices Frustrate Homebuyers

Supply and demand imbalance means not enough homes for buyers, driving up prices and keeping sellers sidelined.

Construction shortages of materials and workers lead to limited new housing stock.

Home prices have greatly outpaced incomes, making down payments unaffordable for many.

Competition and bidding wars frustrate buyers and drive prices higher.

Buyers should be realistic, get pre-approved, seek assistance, focus on finances, and consult experts.