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The biggest challenge for homebuyers in today’s housing market is the housing shortage, according to CNBC.
The median sales price of U.S. homes was $412,300 in the second quarter of 2024, according to the U.S. Census. That is down from $426,800 in the first quarter and from the peak-high of $442,600 in the fourth quarter of 2022.
As of the summer of 2023, the market is experiencing a housing shortage of four million homes, according to the National Association of Realtors. New construction has slowed in recent years and competition is steep for available homes. That boosts prices.
While there have been recent signs of improvement in housing supply, it’s not enough to solve the underlying constraint in the U.S. housing market.
Single-family housing starts in the U.S. grew to 1,027,000 in September, according to U.S. Census data. That is a 2.7% increase from August.
