U.S. housing market faces growing shortage of new homes

U.S. housing markets continue to struggle with a growing shortage of new homes, the result of more than a decade of under-building relative to population growth. In 2023, the U.S. saw 1.67 million household formations, resulting in 17.2 million household formations between 2012 and 2023. In this time period, 14.7 million housing units were started, and 13.4 million were completed. The total housing starts count includes 9.98 million single-family and 4.71 million multi-family homes. Housing completions include 9.5 million single-family homes and 3.9 million ...