The group says the national market is short nearly 320,000 affordable home listings for middle-income buyers.these are folks with a median U.S. household income of around $75,000 who should be able to afford a home priced at around $250,000.
Home prices have stalled out after two years of substantial growth, though mortgage rates remain high. AndThat’s “likely keeping some buyers in the rental market or on the sidelines and delaying their purchase until conditions improve," Realtor.com Chief Economist Danielle Hale said in a news release.And the annual growth rate slowed to 0.9% in May.NAR said supply has improved a bit.
Evangelou said home construction hasn’t kept pace for more than a decade, but she’s hopeful we’ll see improvements there, too.