Enormous Pressure Building in the Housing Market

Single family homes prices are as high as they’ve ever been, but home sales are low. High interest rates have suppressed both multifamily and single family building, and lack of housing supply has led to declining affordability and a sustained housing deficit. There is significant pent up demand in the housing market. In both single-family and multifamily markets, this extended period of unusually low sales activity has led to building pressure as this pressing need for homes contends with housing costs that are too high for demands to be met.