To help solve the nation's housing demand, Redfin has called for the government to provide greater support for homebuilding through steps such as subsidies and upzoning—even as demand pulls back—so the housing-supply hole can start to fill in and help accommodate need.
"If there had been enough homes at the start of the pandemic, housing costs might not have skyrocketed the way they did over the past two years," Redfin chief economist Daryl Fairweather said in prepared remarks. "Scores of buyers moving in from other parts of the country, causing inventory to dwindle and prices to surge."
This year has featured an interesting coming together of shrinking single-family-home supply and rising demand, prices and mortgage rates, making for a highly charged market.
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