What's Happening?
Realtor.com has issued a call to action for the real estate industry to focus on increasing the housing supply in the United States. The country faces a shortage of 4 million homes, with active inventory
12% below pre-pandemic levels. Housing prices have surged by 66% over the past decade, and the average age of first-time homebuyers has risen to 40. Realtor.com emphasizes the need for industry leaders to advocate for modernized zoning laws and overcome local opposition to new housing developments. The company plans to highlight these issues at the upcoming SXSW conference.
Why It's Important?
The housing supply crisis has significant implications for the U.S. economy and society. The shortage of affordable homes exacerbates economic inequality and limits access to homeownership, a key driver of generational wealth. By focusing on increasing supply rather than demand-side subsidies, the real estate industry can help stabilize housing prices and make homeownership more accessible. Realtor.com's initiative aims to mobilize industry stakeholders to influence local and state policies, which are critical in addressing the root causes of the housing shortage.
What's Next?
Realtor.com plans to continue its advocacy efforts by engaging with local lawmakers and industry leaders to promote solutions for increasing housing supply. The company will use its platform to publish state scorecards and highlight areas where progress is needed. As the industry rallies around this cause, there may be increased lobbying for policy changes at the local level. Success in these efforts could lead to more housing developments, easing the supply shortage and potentially stabilizing the housing market.
