America’s housing market is still in a weird place. The pandemic spurred a buying frenzy that drove the cost of buying a home so high that even more people are priced out of the nation’s real estate.
“Everyone knows about shortages that we’re experiencing these days,” and housing is on that list, too, said BMO Senior Economist Jennifer Lee in a note to clients.
Actually, it’s been that way for a while.
“Strong demand, supply can’t keep up, prices rise, you know the drill. And those factors combined pulled US existing home sales lower in August,” Lee said.
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