The United States continues to face a significant shortage of homes for buyers, with the housing supply gap at almost four million units as of last year, according to a recent research report by the real estate listing website Realtor.
“In 2024, new-home construction outpaced household formations for the first time since 2016. Despite this notable progress, the housing gap persists, totaling 3.8 million,” the company said in a March 10 report. This is the third-largest annual supply gap since 2012. “At a 2024 rate of construction relative to household formations and pent-up demand, it would take 7.5 years to close the housing gap.”
Realtors blamed real estate zoning rules and other housing restrictions for limiting the extent to which new construction could have alleviated the supply crisis in the housing market….