According to Redfin, a Seattle based technology-powered residential real estate company, the number of homes for sale declined for the twelfth-straight month in July, plunging near 20% to just 1.9 million homes – the lowest level of any month of July on record. Some of the U.S.’s most affordable areas are the shortfall. Of the top 50 metros, 40 have seen supply growth rates decline since February. The number of homes for sale across the country has dwindled as record-low mortgage rates have sparked a deluge of homebuyer demand that has not been matched by an equal increase in the number of people putting their houses on the market. At the same time, the pandemic has exacerbated the trend of Americans moving from expensive, coastal cities to affordable, inland places—intensifying the supply deficit in the latter areas.
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America’s Housing Shortage Is Intensifying During the Pandemic—Especially in Relatively Affordable Places Like San Antonio and Baltimore