Performance Property Real Estate Question

How Many More Homes Do We Need To Meet Current Demand

Q: Gerald, you’ve said many times that home prices keep rising because housing inventory is so low. How many more homes do we need to meet current housing demand? Ezra, Old Tappan, NJ A: Median existing US home prices are up a mind-blowing 19% due in large measure to housing shortages. In a recent NAR (National Association of Realtors) study, the housing shortage we face now is about 5.5 million housing units! There are about 140 million total housing units in the US so 5.5 million is a sizable shortage. The study shows that the shortages exist in all categories of residential housing. The 5.5 million unit housing deficit includes a 2 million shortage of single family homes, a 1 […]

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