{"id":19424,"date":"2021-09-21T12:19:22","date_gmt":"2021-09-21T12:19:22","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=19424"},"modified":"2021-09-21T12:19:22","modified_gmt":"2021-09-21T12:19:22","slug":"america-is-short-5-24m-homes","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/america-is-short-5-24m-homes\/","title":{"rendered":"America Is Short 5.24M Homes"},"content":{"rendered":"

America Is Short 5.24M Homes<\/h1>\n

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More real estate listings are coming to the market, but that won\u2019t be able to make up for the fact that America is short millions of homes based on population needs. That likely means home buyers will continue to face inventory shortages and a dearth of homes for sale in\u00a0the future.<\/p>\n

The U.S. is short 5.24 million homes. That is an increase of 1.4 million homes from 2019, according to research from realtor.com\u00ae.<\/p>\n

\u201cThe pandemic has certainly exacerbated the U.S. housing shortage,\u201d said Danielle Hale, realtor.com\u00ae\u2019s chief economist.<\/p>\n

New-home construction\u2014at its slowest pace since 1995\u2014is not making up the difference either. About 12.3 million American households were formed from January 2012 to June 2021. However, only 7 million new single-family homes were built during that period, CNBC reports. Builders would need to double the new-home production pace to make up the gap in five to six years.<\/p>\n

\u201cNo matter how you frame the scenario, it will take a more meaningful shift in the pipeline to meet demand in the foreseeable future,\u201d Hale told CNBC.<\/p>\n

Builders like PulteGroup say that they are actually slowing sales lately to try to keep pace with the backlog from the high demand over the last few months. Builders are facing labor and lot shortages as well as rising costs for building materials.<\/p>\n

Home prices are quickly rising as demand outstrips supply. Homes with a median value of $300,000, which is considered more affordable by today\u2019s standards, comprised just 32% of builders sales in the first half of this year, down from 43% during the same period in 2018, CNBC reports.<\/p>\n

Home prices have been rising on existing homes as well as pressure continues from the increasing demand. The median existing-home price in July was $359,000, up nearly 18% compared to a year ago, according to the National Association of REALTORS\u00ae.<\/p>\n

NAR released a report earlier this summer\u2014Housing Is Critical Infrastructure: Social and Economic Benefits of Building More Housing<\/a>\u2014that called the state of America\u2019s housing stock \u201cdire.\u201d<\/p>\n

\u201cThere is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream,\u201d Lawrence Yun, NAR\u2019s chief economist, said about the report\u2019s findings. \u201cIt\u2019s clear from the findings of this report and from the conditions we\u2019ve observed in the market over the past few years that we\u2019ll need to do something dramatic to close this gap.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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\u201cAmerica Is Short More Than 5 Million Homes, and Builders Can\u2019t Make Up the Difference<\/a>,\u201d CNBC (Sept. 14, 2021)<\/div>\n
\u00a9National Association of REALTORS\u00ae
\nReprinted with permission<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

America Is Short 5.24M Homes   More real estate listings are coming to the market, but that won\u2019t be able to make up for the fact that America is short millions of homes based on population needs. That likely means home buyers will continue to face inventory shortages and a dearth of homes for sale … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-19424","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nAmerica Is Short 5.24M Homes - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/america-is-short-5-24m-homes\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/america-is-short-5-24m-homes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/america-is-short-5-24m-homes\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"America Is Short 5.24M Homes\",\"datePublished\":\"2021-09-21T12:19:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/america-is-short-5-24m-homes\\\/\"},\"wordCount\":438,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/america-is-short-5-24m-homes\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/america-is-short-5-24m-homes\\\/\",\"name\":\"America Is Short 5.24M Homes - 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