By Realtor.com
The U.S. housing shortage will take more than seven years to fix at the current rate of construction, according to a new report on the housing supply gap from the Realtor.com® economic research team.
Although the supply gap improved moderately in 2024, the country still fell 3.8 million units short of meeting demand relative to new household formations and pent-up demand, the analysis found.
At last year’s construction pace, it would take 7.5 years to close the housing gap and solve a supply shortage that has been the main driver of the housing affordability crisis.
“It is going to take many years to build out of this problem, given the size of the deficit,” says Realtor.com Chief Economist Danielle Hale.
