Housing Shortage Disproportionately Affects Certain People and Areas

The supply of homes for sale in the US is about half of what it was in 2019, hitting some buyers and areas harder than others. The lack of affordable homes is heating up competition in the market, reversing the cooldown in home prices that started last summer. The areas that have the biggest deficit of affordable homes are El Paso, Texas; Boise, Idaho; Spokane, Washington; several Florida markets and of course Riverside and Los Angeles California, which are some of the priciest housing markets in the nation. The supply situation does not appear to be improving, with new listings of homes for sale falling 25% YoY in the first week of June.