I’ve written about this crazy housing market before. Trying to get a house right now is hard. And it’s probably not going to get easier anytime soon. Buyers and spectators are asking “are we in a housing bubble?” The latest numbers from housing website realtor.com show that the gap between new families needing a home and new homes being built has widened. In 2019 they estimated that 3.84 million new homes were needed. Now, that number is pegged at 5.24 million. There are a lot more families looking for homes than there are homes for them to buy.
The pandemic has affected this gap. Between labor shortages and supply chain issues, construction has been tough. Even if builders could fix those problems and start building twice as many homes right now, it will still take 5-6 years to close the gap. High prices and insane offers are likely here to stay. This isn’t a housing bubble, this is demand.