Between 2012 and 2019 realtor.com® found that 5.9 million single-family homes were constructed. However, 9.8 million new households were formed during the same period of time. Resulting in a shortfall of new homes available on the market. Even with a growing economy and low mortgage interest rates, buyers continue to struggle to find a new home due to extremely low inventory, particularly in the lower end, first home buyer end of the market.
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U.S. Housing Market Short 3.8 Million New Homes