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The US is short 6.8 million homes, National Association of Realtors says

1 month ago   |   By Business Insider

REUTERS/Mike Blake
The US housing market is down at least 5.5 million units, the National Association of Realtors said.
Accounting for losses of existing homes and underproduction brings that total to 6.8 million homes.
Builders can solve the issue over the next decade, but data suggests they're far from reaching the pace needed.
See more stories on Insider's business page .
Decades of chronic underbuilding left the US housing market with a colossal gap between consumer demand and nationwide supply, according to a new report from the National Association of Realtors. Home sales surged to a...
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New housing construction leaves US 5.5 million units short

1 month ago   |   By The Real Deal New York

In the past 20 years, new housing construction lagged 5.5 million units behind historical levels, according to a report by the National Association of Realtors. The trade group is now lobbying for a “once-in-a-generation” policy response from the Biden administration and Congress to make up the gap, the Wall Street Journal reported. On average, 1.225 million housing units were built each year from 2001 to 2020, according to the NAR report, down from 1.5 million
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