Within recent years the American housing market has experienced various changes that have made finding an affordable home an increasingly difficult process for current buyers. A major issue plaguing the market for all is scarcity. The number of homes available for purchase is down a staggering 18% from just a year ago.
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The past year has seen a real estate boom despite several areas of the economy still struggling due to the pandemic. CBS News reports that home prices grew 15 percent by the end of 2020 compared to the year prior. According to Realtor.com, home prices have risen 14.3 percent since the onset of the pandemic, there are 50 percent fewer homes on the market, and new listings are 27 percent lower than expected for March 2021.
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