Affordability Is ‘Greatest Challenge’ in US Housing Market, Experts Tell Senate Committee

Despite rising interest rates and moderating sales activity, the median sales price of homes sold in the United States in the fourth quarter was $467,700, up 10.4 percent year-over-year, according to recent figures from the Department of Housing and Urban Development (HUD).
The problem facing the national real estate market is shrinking inventory levels, industry leaders told a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on Thursday titled “The State of Housing 2023.”
Recent data from the National Association of Realtors (NAR) show that supplies have declined to near-record lows, falling below 1 million units in December. As a result, the United States is estimated to face a shortage of between 3.8 million and 5 million homes, and this figure is only growing….}