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Where are the homes? Glaring need for housing construction stressed by Century 21 CEO

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The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale

The dearth of available properties is propping up prices even as sales of previously occupied U.S. homes have slumped 21% through the first eight months of this year.

Q: With the average rate on a 30-year mortgage hovering above 7% since August, is this the new normal or should buyers hold out for rates to ease? A: If you look over the Great Recession from a real estate perspective here in 2008-2012, when so many people lost their homes to foreclosure and you overbuilt, what’s happened this last decade is anywhere from 3.5 million to 5-plus million homes that we’re short. We’re kind of going into a macro supply and demand issue, which is you’ve got the largest generations in U.S.

 

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Where are the homes? Glaring need for housing construction underlined by Century 21 CEOThe highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale.
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