One of the defining characteristics of today’s housing market is the lack of available inventory, and much of this scarcity can be traced back to the lack of building following the bubble’s burst. Between 1985 and 2000, there were 3.9 permits issued for single-family homes per 1,000 residents. Since 2008, that mark stands at just 1.9 permits per 1,000 people. If that historic rate had continued over the past decade, there would be about 6.3 million more single-family homes in the housing stock, according to a Zillow® analysis. It would take about five years of building at the current pace of 1.3 million homes per year just to add those “missing” homes.
Source: PR Newswire