Want to buy a house but are still stuck renting? Bad news: the market's likely to stay this way for awhile. Our contributor Erik Sherman explains:
Prices rose, especially after the pandemic when there was a premium on more living, working, and studying space in a home. But even with financial aid to many, millions and millions had lost what seems to have been permanent ground. Wages never kept pace with long-term inflation, which was ridiculously low, because corporations don’t want to split profits with workers and make somewhat less themselves.
That isn’t an iron-clad certainty, as the Census followed that up with the following phrase: “The 90% confidence interval includes zero. The Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.”a change from May to June or whether the whole thing means nothing. But those in and around the industry are reacting because they can’t afford to be caught flat-footed.
As the National Association of Home Builders wrote, “Increased interest rates, building material supply chain bottlenecks and elevated construction costs continue to put a damper on the single-family housing market. For the first time since June 2020, both single-family starts and permits fell below a 1 million annual pace.”
But while some materials costs have gone down, others remain elevated. As Roach noted, labor is also an issue. Developers around the country have been telling me for months that they can’t find enough help, materials are running late , and it’s difficult to finish projects, which also means less building and reduced supply.There’s a belief among many that big investors own a huge percentage of houses in the U.S.
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