From Seattle to Dallas to Denver, buyers are bidding high over a very limited supply of homes, Marketplace.org reports.
Numbers from the NAHB show that single family home construction is half of what it should be, primarily due to a shortage of skilled labor and lots to build on. This poses a big problem to buyers.
“Prices are rising, just too fast,” Lawrence Yun, chief economist with the National Association of Realtors, tells Marketplace.org. “And certainly far ahead of people’s income.”