Quote: May 18, 2023

“Estimates of the nation-wide housing shortage vary, but tend to range from between 3.5 million to 5.5 million housing units. This implies that even if all units under construction came to market tomorrow, we’d still be underbuilt by millions of units. As such, new supply of housing is more likely to ease than erase the national housing shortage, although this will vary by location.”
–Odeta Kushi, Deputy Chief Economist with First American Financial Corp., Santa Ana, Calif.