Opinion: The US Needs More Housing. Americans Don’t Want to Build It.

Bloomberg, October 27, 2023–Karl W. Smith
You won’t find this term in any serious economics textbook, but the only clinical way to describe the US housing market is bananas. Affordability is at record lows and mortgage rates are the highest since 2000. And yet, home prices continue to rise and the number of days a house sits on the market before it is sold is down by a third compared with this time before the pandemic, both suggesting strong underlying demand.
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